India will be the largest beneficiary of the first wave of programs with a facility for USD 1 billion, followed by Pakistan with USD 200 million(REUTERS)
India will be the largest beneficiary of the first wave of programs with a facility for USD 1 billion, followed by Pakistan with USD 200 million(REUTERS)

World Bank to roll out USD 160 billion emergency aid to help nations deal with Covid-19

The board of the Washington-based development lender announced the first set of fast-track crisis funding, with an initial $1.9 billion going to projects in 25 countries, and operations moving forward in another 40 nations, the bank said in a statement.
By Agence France Presse | Washington
UPDATED ON APR 03, 2020 05:10 PM IST

The World Bank on Thursday approved a plan to roll out USD 160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic.

The board of the Washington-based development lender announced the first set of fast-track crisis funding, with an initial $1.9 billion going to projects in 25 countries, and operations moving forward in another 40 nations, the bank said in a statement.

“We are working to strengthen developing nations’ ability to respond to the COVID-19 pandemic and shorten the time to economic and social recovery,” said World Bank President David Malpass.

“The poorest and most vulnerable countries will likely be hit the hardest, and our teams around the world remain focused on country-level and regional solutions to address the ongoing crisis.” The bank also is working to redeploy USD 1.7 billion of existing funding, including the use of “catastrophic drawdowns,” a type of emergency credit line.

India will be the largest beneficiary of the first wave of programs with a facility for USD 1 billion, followed by Pakistan with USD 200 million and Afghanistan with a little over USD 100 million, but funding is going to countries on nearly every continent, the bank said.

In addition, the World Bank’s private sector arm, the International Finance Corporation, is providing $8 billion in financing “to help private companies affected by the pandemic and preserve jobs.”

SHARE THIS ARTICLE ON
Close
Indonesia's interventions have raised suspicion among Myanmar democracy activists who fear dealing with the junta would confer legitimacy on it and its bid to scrap the November election.(REUTERS)
Indonesia's interventions have raised suspicion among Myanmar democracy activists who fear dealing with the junta would confer legitimacy on it and its bid to scrap the November election.(REUTERS)

Myanmar students, doctors plan more protests against military rule

Reuters
PUBLISHED ON FEB 25, 2021 07:46 AM IST
Malaysia is home to more than 154,000 asylum-seekers from Myanmar and several Malaysian lawmakers and rights groups on Wednesday called on the government to explain its deportation.
Close
As all deadlines for the action plan had expired, the FATF had urged Pakistan to deliver on all 27 points by February 2021.(REUTERS)
As all deadlines for the action plan had expired, the FATF had urged Pakistan to deliver on all 27 points by February 2021.(REUTERS)

Pakistan awaits FATF ruling on terror

By HT Correspondent, New Delhi
UPDATED ON FEB 25, 2021 07:43 AM IST
The Financial Action Task Force (FATF) will conclude its three-day virtual plenary meeting on Thursday, following several rounds of meetings of its working groups since February 11.
Close
Facebook on Wednesday pledged to invest at least $1 billion in the news industry over the next three years. (AFP)
Facebook on Wednesday pledged to invest at least $1 billion in the news industry over the next three years. (AFP)

Australian MPs to okay changes to new pay-for-news law

By HT Correspondent, Canberra
PUBLISHED ON FEB 25, 2021 07:39 AM IST
The government introduced amendments to the so-called Media Bargaining Code after Facebook last week escalated a dispute over the new laws by blocking Australian users from sharing and viewing news content on its popular social media platform.
Close
Local representatives of the WHO and the United Nation’s children’s agency Unicef described the vaccines’ “momentous” arrival as a critical step in bringing the coronavirus pandemic to an end.(AFP)
Local representatives of the WHO and the United Nation’s children’s agency Unicef described the vaccines’ “momentous” arrival as a critical step in bringing the coronavirus pandemic to an end.(AFP)

World’s first doses of Covax jabs rolled out

By HT Correspondent, Accra/geneva
PUBLISHED ON FEB 25, 2021 07:35 AM IST
Almost a year after the World Health Organization (WHO) had first described the coronavirus as a global pandemic, a flight carrying 600,000 doses of the AstraZeneca vaccine produced by the Serum Institute of India landed in Ghana’s capital Accra.
Close
The Johnson & Johnson vaccine was tried out on more than 44,000 people, aged 18 and older, in multiple countries.(MINT_PRINT)
The Johnson & Johnson vaccine was tried out on more than 44,000 people, aged 18 and older, in multiple countries.(MINT_PRINT)

J&J’s Covid-19 vaccine closes in on FDA’s nod

By Yashwant Raj, Washington
PUBLISHED ON FEB 25, 2021 07:33 AM IST
Johnson & Johnson's (J&J’s) one-shot vaccine could join Pfizer and Moderna’s shots as early as this week in the battle against a pandemic that has killed more than half a million people in the United States, a grim milestone crossed earlier this week.
Close
A closed shop on Oxford Street near the Marble Arch landmark in London, U.K., on Thursday, Feb. 18, 2021. Oxford Street. (Bloomberg)
A closed shop on Oxford Street near the Marble Arch landmark in London, U.K., on Thursday, Feb. 18, 2021. Oxford Street. (Bloomberg)

UK business lobby concerned over negative outlook of consumer services firms

Reuters, London
PUBLISHED ON FEB 25, 2021 07:00 AM IST
CBI said its measure of sentiment among business and professional services firms leapt to +23% in 3 months to February from -21% in the previous 3 months, strongest rise since 2015.
Close
The U.S. Capitol Building is pictured on the fifth day of the impeachment trial of former US President Donald Trump. It has been closed to the public since last spring because of the Covid-19 pandemic.(REUTERS/ File Photo)
The U.S. Capitol Building is pictured on the fifth day of the impeachment trial of former US President Donald Trump. It has been closed to the public since last spring because of the Covid-19 pandemic.(REUTERS/ File Photo)

Fencing, tightened security at Capitol staying in place for now

Bloomberg
PUBLISHED ON FEB 25, 2021 06:45 AM IST
The Capitol has been closed to the public since last spring because of the Covid-19 pandemic. Following the Jan. 6 riot, security was tightened significantly.
Close
United Airlines Flight 328 made an emergency landing in Denver when its right Pratt and Whitney PW4000 series engine failed with a loud bang only minutes after takeoff.(AP)
United Airlines Flight 328 made an emergency landing in Denver when its right Pratt and Whitney PW4000 series engine failed with a loud bang only minutes after takeoff.(AP)

FAA met to discuss more frequent engine inspections days before Denver incident

ANI, Washington
PUBLISHED ON FEB 25, 2021 06:43 AM IST
The Federal Aviation Administration review was prompted after a December failure of a PW4000 series engine on another Boeing 777-200 in Japan.
Close
The winter storm nightmare knocked out power to more than 4 million customers across the state. Several retail electricity providers “are currently in payment breach” under Ercot protocols.(AP/ File photo)
The winter storm nightmare knocked out power to more than 4 million customers across the state. Several retail electricity providers “are currently in payment breach” under Ercot protocols.(AP/ File photo)

Texas power companies face liquidity crisis as bills mount, board leaders resign

Bloomberg
UPDATED ON FEB 25, 2021 06:18 AM IST
The Electric Reliability Council of Texas is working to manage ongoing financial stress in the power market as several billions of dollars in invoices are still outstanding from previous event.
Close
A Facebook logo is displayed on a smartphone. Facebook had cut off news in Australia last week amid tense negotiations with the government.(Reuters / Representative image)
A Facebook logo is displayed on a smartphone. Facebook had cut off news in Australia last week amid tense negotiations with the government.(Reuters / Representative image)

Australia passes landmark law requiring Google, Facebook to pay for news

Reuters, Sydney
UPDATED ON FEB 25, 2021 07:59 AM IST
The new code makes Australia the first country where a government arbitrator will set the rates tech giants have to pay if negotiations with media companies fail.
Close
Healthcare workers move a Covid-19 patient to the Motol hospital in Prague, Czech Republic. Given the spread, the health ministry imposed a travel ban to several African and South American countries after the new S. African variant. (AP/ File photo)
Healthcare workers move a Covid-19 patient to the Motol hospital in Prague, Czech Republic. Given the spread, the health ministry imposed a travel ban to several African and South American countries after the new S. African variant. (AP/ File photo)

Czech Republic bans travel to South Africa, Brazil due to Covid-19 variants

Reuters, Prague
PUBLISHED ON FEB 25, 2021 06:06 AM IST
The health ministry said the travel ban would be in effect from Feb. 26 to April 11, with some exceptions. It includes countries such as Brazil, South Africa, Kenya, Tanzania and others.
Close
FILE - In this Dec. 11, 2020, file photo Katherine Tai, the Biden administration's choice to take over as the U.S. trade representative, speaks during an event at The Queen theater in Wilmington, Del. President Joe Biden’s pick to be the top U.S. trade envoy is promising to work with America’s allies to combat China’s aggressive trade policies. In a written testimony for her confirmation hearing Thursday, Feb. 25, 2021, before the Senate Finance Committee, Tai, Biden's choice for U.S. trade representative, said she would “prioritize rebuilding our international alliances and partnerships, and re-engaging with international institutions'' to present Beijing with “a united front of U.S. allies.'' (AP Photo/Susan Walsh, File)(AP)
FILE - In this Dec. 11, 2020, file photo Katherine Tai, the Biden administration's choice to take over as the U.S. trade representative, speaks during an event at The Queen theater in Wilmington, Del. President Joe Biden’s pick to be the top U.S. trade envoy is promising to work with America’s allies to combat China’s aggressive trade policies. In a written testimony for her confirmation hearing Thursday, Feb. 25, 2021, before the Senate Finance Committee, Tai, Biden's choice for U.S. trade representative, said she would “prioritize rebuilding our international alliances and partnerships, and re-engaging with international institutions'' to present Beijing with “a united front of U.S. allies.'' (AP Photo/Susan Walsh, File)(AP)

Biden's trade nominee Katherine Tai calls China 'both a rival and a partner'

Bloomberg
UPDATED ON FEB 25, 2021 05:56 AM IST
Katherine Tai is pledging to work with allies to take on China while also embarking on a 'pragmatic' approach to the Asian nation.
Close
US President Joe Biden (REUTERS)
US President Joe Biden (REUTERS)

Republicans introduce resolution opposing any move to lift sanctions on Iran

Bloomberg
PUBLISHED ON FEB 25, 2021 05:51 AM IST
The resolution, introduced by Senator Tom Cotton and more than 40 other Republicans, underscores the resistance the Biden administration will face in trying to get back into the 2015 nuclear accord.
Close
Videogame retailer GameStop, which had closed up about 104% on Wednesday and was once again a favorite pick on the WallStreetBets page. (Reuters)
Videogame retailer GameStop, which had closed up about 104% on Wednesday and was once again a favorite pick on the WallStreetBets page. (Reuters)

Heavy trading in GameStop leads to hour-long outage for Reddit

Reuters
PUBLISHED ON FEB 25, 2021 05:36 AM IST
Reddit, now more famous for its day-trading forum where individual traders recently triggered a rally in many shorted stocks, has faced several outages in recent months.
Close
HHS has drastically cut its capacity due to the coronavirus pandemic. Nearly all of the department’s 7,100 beds for immigrant children are full.(AFP Photo. Representative image)
HHS has drastically cut its capacity due to the coronavirus pandemic. Nearly all of the department’s 7,100 beds for immigrant children are full.(AFP Photo. Representative image)

Amid surge, US tries to expedite release of migrant children

AP
PUBLISHED ON FEB 25, 2021 03:00 AM IST
US Health and Human Services on Wednesday authorized operators of long-term facilities to pay for some of the children’s flights and transportation to the homes of their sponsors.
Close
SHARE
Story Saved
OPEN APP