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World Bank: approved $350 mln financing for RISE-II operation in Pakistan | Reuters
by Gunnar Larson 28 Dec '23

28 Dec '23

https://www.reuters.com/world/asia-pacific/world-bank-approved-350-mln-fina… KARACHI, Pakistan, Dec 20 (Reuters) - The World Bank's board of executive directors approved $350 million in financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) operation in Pakistan on Tuesday. RISE-II aims to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth in the country whose economy is struggling to grow, with persistently high inflation and foreign reserves running low. "Based on the foundations laid through RISE II and parallel support by other IFIs, Pakistan has the opportunity to tackle long-standing structural distortions in its economy after the upcoming general elections," Derek H. C. Chen, task team leader of the operation said in a statement. "Failing to use this opportunity would risk plunging the country back into stop-and-go economic cycles," Chen added. The operation also aims to foster growth and competitiveness by reducing the cost of tax compliance, improving financial sector transparency, encouraging the use of digital payments and promoting exports by lowering import tariffs, the World Bank said in its statement.

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African Development Bank pulls staff from Ethiopia over 'unlawful' arrests | Devex
by Gunnar Larson 28 Dec '23

28 Dec '23

https://www.devex.com/news/african-development-bank-pulls-staff-from-ethiop… "At the end of October, Ethiopian security forces “unlawfully arrested, physically assaulted, and detained for hours without charge or any official explanation” two of its Addis Ababa-based staff members, it said."

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Cathie Wood Goes Big Into ProShares Bitcoin, Dumps Grayscale
by Gunnar Larson 28 Dec '23

28 Dec '23

Cathie Wood Goes Big Into ProShares Bitcoin, Dumps Grayscale https://www.bloomberg.com/news/articles/2023-12-28/a-cathie-wood-etf-just-o… One of Cathie Wood’s exchange-traded funds has executed a massive shake-up in its Bitcoin-related holdings as the cryptocurrency rounds out a blockbuster year.

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IF
by Gunnar Larson 28 Dec '23

28 Dec '23

If If you can keep your head when all about you Are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, But make allowance for their doubting too: If you can wait and not be tired by waiting, Or, being lied about, don't deal in lies, Or being hated don't give way to hating, And yet don't look too good, nor talk too wise; If you can dream---and not make dreams your master; If you can think---and not make thoughts your aim, If you can meet with Triumph and Disaster And treat those two impostors just the same:. If you can bear to hear the truth you've spoken Twisted by knaves to make a trap for fools, Or watch the things you gave your life to, broken, And stoop and build'em up with worn-out tools; If you can make one heap of all your winnings And risk it on one turn of pitch-and-toss, And lose, and start again at your beginnings, And never breathe a word about your loss: If you can force your heart and nerve and sinew To serve your turn long after they are gone, And so hold on when there is nothing in you Except the Will which says to them: "Hold on!" If you can talk with crowds and keep your virtue, Or walk with Kings---nor lose the common touch, If neither foes nor loving friends can hurt you, If all men count with you, but none too much: If you can fill the unforgiving minute With sixty seconds' worth of distance run, Yours is the Earth and everything that's in it, And---which is more---you'll be a Man, my son! -Rudyard Kipling

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Fwd: FOIL request
by Gunnar Larson 28 Dec '23

28 Dec '23

No records on the teacher's pension fund money gone missing at the New York Division of the Budget... God bless them. They said xNY.io - Bank.org should visit the New York City Comptroller. Gunnar ---------- Forwarded message --------- From: dob.sm.foil <foil(a)budget.ny.gov> Date: Fri, Dec 22, 2023, 4:23 PM Subject: FOIL request To: G(a)xny.io <G(a)xny.io> Please see the attached related to your FOIL request.

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Nigeria Seeks Control of Banks Linked to Ex Central Banker - Bloomberg
by Gunnar Larson 26 Dec '23

26 Dec '23

https://www.bloomberg.com/news/articles/2023-12-23/nigeria-to-buy-banks-pur… Nigeria is seeking control of two banks that a probe initiated by President Bola Tinubu alleges were bought at a major discount by former Central Bank Governor Godwin Emefiele using proxies. “We have completed our investigation on this acquisition and we are on the verge of recovering these two banks for the Federal Government,” a report by a special investigator said.

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Elon Musk’s X, accused of withholding bonuses promised to staff, will have to face a court battle | CNN Business
by Gunnar Larson 26 Dec '23

26 Dec '23

https://www.cnn.com/2023/12/25/tech/x-bonus-lawsuit/index.html New York CNN — A federal judge has ruled that X, formerly Twitter, must face a lawsuit after staff accused the company of failing to pay bonuses promised to them. The judge on Friday denied X’s motion to dismiss the case. X stands accused of failing to pay out annual bonuses to staff after its October 2022 acquisition by billionaire Elon Musk – despite repeated assurances from executives in the lead-up to and following the deal that the company would do so, according to a lawsuit filed in June 2023 on behalf of employees. The lawsuit was filed in a San Francisco federal court by Mark Schobinger, who was a senior director of compensation at X until he left the company in May. The suit is seeking class action status for former and current X employees who did not receive their 2022 bonus.

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Goldman’s Painful 2023 Lesson on China Forces Rethink of Emerging Markets
by Gunnar Larson 26 Dec '23

26 Dec '23

Goldman’s Painful 2023 Lesson on China Forces Rethink of Emerging Markets https://www.bloomberg.com/news/articles/2023-12-26/goldman-s-painful-2023-l… Goldman Sachs Group Inc.’s head of global currency, rates and emerging-markets strategy says he’s learned two main lessons from one of the biggest — and most-common — bad calls of 2023: the bet on post-pandemic China’s reopening boom.

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How to Dispose of Christmas Trees, Lights and Other Holiday Staples
by Gunnar Larson 26 Dec '23

26 Dec '23

How to Dispose of Christmas Trees, Lights and Other Holiday Staples https://www.bloomberg.com/news/articles/2023-12-26/how-to-dispose-of-your-c… The holidays are a special time of joy and giving — and a special time for generating trash.

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How Were So Many Economists So Wrong About the Recession?
by Gunnar Larson 26 Dec '23

26 Dec '23

How Were So Many Economists So Wrong About the Recession? https://www.bloomberg.com/opinion/articles/2023-12-26/what-recession-how-so… Last year at this time, 85% of economists in one poll predicted a recession this year — and that was an optimistic take compared to the 100% probability of a recession forecast two months earlier. Meanwhile US Federal Reserve Chair Jerome Powell, drawing upon the work of his highly able staff, expressed fear in March that bringing down the rate of inflation would cost millions of American jobs.

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