Business
WORLD BANK: US Nominates Ajay Banga For World Bank President
WASHINGTON – U.S. President Joe Biden announced on Thursday that the United States had nominated former Mastercard CEO Ajay Banga to lead the World Bank, citing his critical experience with global challenges such as climate change.
The announcement comes just days after Trump appointee David Malpass announced his intention to leave the 189-nation poverty reduction organization in June. His five-year term would have ended in April 2024.
The United States prioritizes addressing the effects of climate change at the multilateral bank. Leading climate figures have urged the Biden administration to use Malpass’s early departure to overhaul the powerful financial institution, which has been increasingly criticized as hostile to less-affluent nations and climate change efforts.
Malpass came under fire last year for appearing to cast doubt on the science that says burning fossil fuels causes global warming in remarks at a conference. He later apologized and said he had misspoken, noting that the bank relies on climate science regularly.
Banga, vice chairman of private equity firm General Atlantic, has over 30 years of business experience, having held various positions at Mastercard and on the American Red Cross, Kraft Foods, and Dow Inc boards. He is the first Indian-born candidate for World Bank President.
will help him achieve the World Bank’s objectives
“Ajay is uniquely qualified to lead the World Bank at this critical juncture in history,” Biden said, adding that Banga “has critical experience mobilizing public-private resources to address our time’s most pressing challenges, including climate change.”
In a statement, Treasury Secretary Janet Yellen said Banga’s experience “will help him achieve the World Bank’s objectives of eliminating extreme poverty and expanding shared prosperity while pursuing the changes required to effectively evolve the institution,” including meeting “ambitious goals for climate adaptation and emissions reduction.”
John Kerry, Biden’s climate envoy, said on Twitter that Banga was “the right choice.”
“He can assist in putting in place new policies that help deploy the large sums of money required to reduce global emissions and assist developing and vulnerable countries in adapting, building resilience, and mitigating the impact of greenhouse gases,” Kerry tweeted.
Traditionally, the United States has chosen the World Bank President. The International Monetary Fund’s chief executive officer has traditionally come from Europe. However, critics have called for the agreement to be scrapped and for developing countries to have a stronger voice in the two organizations.
The World Bank has promised an “open, merit-based
The World Bank has promised an “open, merit-based, and transparent selection process” and has stated that nominations will be accepted until March 29.
Eric LeCompte, executive director of the anti-poverty coalition Jubilee USA Network, said the United States was “looking to nominate people that will be supported by the developing world” and was “incredibly relevant” that Banga was born in India. “They want to be able to appoint people with experience and ties to other economies,” said LeCompte.
“I can’t think of a more intense time for someone to start this job,” said Clemence Landers, a policy fellow at the Center for Global Development, a Washington think tank.
The bank is under pressure to broaden its mandate, which will almost certainly require the next president to persuade donor countries to provide more funds.
Critics argue that the bank should do more to assist poor countries in financing projects to combat and prepare for climate change without putting them in debt. Landers also stated that it needs to better address cross-border issues such as pandemic surveillance and broad vaccination programs.
SOURCE – (AP)
Business
Online Retailer Shein Is Latest To Face Strict European Union Digital Regulations
LONDON —Shein, an online fast-fashion retailer, has been placed on the European Union’s list of major platforms that require heightened examination. This will subject the company to the bloc’s most stringent digital restrictions.
The European Union’s Executive Commission has officially categorized Shein as a “very large online platform” by the Digital Services Act, a comprehensive set of regulations aimed at improving the safety of online platforms and protecting internet users.
Online Retailer Shein Is Latest To Face Strict European Union Digital Regulations
Shein is an affordable e-commerce company that originated in China but is currently headquartered in Singapore. Its primary means of reaching clients is through its application. The corporation committed to actively collaborating to establish a secure and lawful environment for our online community.
Leonard Lin, Shein’s worldwide head of public relations, agreed with the Commission’s goal of providing European Union consumers with a secure online shopping experience. He affirmed Shein’s dedication to contributing to this objective. “We also have a shared dedication to the fundamental values of openness and responsibility that form the foundation of the DSA.”
Shein has grown rapidly in the Western market by providing affordable clothing and household products, focusing on younger women. This has been achieved through collaborations with online influencers and celebrities on social media platforms.
Online Retailer Shein Is Latest To Face Strict European Union Digital Regulations
With its user base exceeding 45 million in Europe, Shein is obligated to comply with the most rigorous regulations by August. The company implements efforts to safeguard online users and addresses and reduces any potential “systemic risks” associated with its services, such as restricting the sale of unlawful or counterfeit items.
According to the Commission, Shein is required to modify its user interfaces and recommendation algorithms to mitigate any potential dangers to customers’ safety and well-being. Additionally, Shein must submit annual risk assessment reports that evaluate the potential harm to consumers, focusing on youngsters.
Online Retailer Shein Is Latest To Face Strict European Union Digital Regulations
The European Union has already included 22 prominent technology companies, such as Facebook, TikTok, YouTube, Instagram, Amazon, and Google Search, on its roster of major online services that require the highest level of oversight since the implementation of the Digital Services Act (DSA) last year.
Other online services operating in the European Union are not exempt and must adhere to the law’s main criteria. Infractions can result in penalties of up to 6% of a corporation’s yearly global income.
SOURCE – (AP)
Innovation
NASA Astronauts Arrive For Boeing’s First Human Spaceflight
The location is Cape Canaveral, Florida. On Thursday, the two NASA astronauts designated for Boeing’s inaugural manned space mission arrived at the launch site approximately one week before their planned departure.
Butch Wilmore and Suni Williams have been selected as test pilots for Boeing’s Starliner capsule, marking its inaugural crewed mission following significant delays. On Thursday, they traveled by air from Houston to Kennedy Space Center.
NASA Astronauts Arrive For Boeing’s First Human Spaceflight
Scheduled for launch on May 6 using an Atlas rocket, the Starliner spacecraft will go to the International Space Station for a week-long test mission. Boeing is endeavoring to close the gap with SpaceX, which has been conducting manned space missions for NASA since 2020.
Boeing’s two earlier Starliner test flights were unmanned. The initial launch in 2019 was unsuccessful in reaching the space station due to software malfunctions and other technical issues. Boeing replicated the demonstration in 2022. In more recent times, the capsule encountered problems with its parachutes and had to address the issue of flammable tape that needed to be eliminated.
Wilmore emphasized that this is a test flight intended to uncover any anomalies.
NASA Astronauts Arrive For Boeing’s First Human Spaceflight
Do we anticipate flawless execution? “This is the inaugural manned voyage of the spacecraft,” he informed the press. “I am confident that we will discover information.” This is the reason why we engage in this activity.
NASA enlisted the services of SpaceX and Boeing ten years ago, allocating billions of dollars to facilitate the transportation of personnel to and from the space station. Despite the space station’s planned closure by 2030, the space agency remains enthusiastic about procuring capsules from two rival businesses to transport its astronauts.
“That is of utmost importance,” Wilmore remarked.
NASA Astronauts Arrive For Boeing’s First Human Spaceflight
Wilmore and Williams are set to become the inaugural astronauts to embark aboard an Atlas rocket since NASA’s Project Mercury in the early 1960s.
SOURCE – (AP)
Business
The TikTok Law Kicks Off A New Showdown Between Beijing And Washington. What’s Coming Next?
WASHINGTON – TikTok is preparing to engage in a legal battle against a U.S. legislation that would compel the social media platform to sever its connections with its China-based parent company. Chinese authorities likely support this action, as the intense rivalry between the United States and China jeopardizes the future of a highly popular online platform for young Americans to connect.
Beijing has indicated that TikTok should resist what it perceives as a “robbers” move by U.S. politicians who aim to seize all the valuable assets possessed by others. If a judicial challenge is unsuccessful, experts believe that Chinese authorities are unlikely to permit a sale, as this may be interpreted as yielding to Washington.
The TikTok Law Kicks Off A New Showdown Between Beijing And Washington. What’s Coming Next?
Alex Capri, a senior lecturer at the National University of Singapore and research fellow at Hinrich Foundation, suggests that Beijing is concerned about the negative implications that the U.S. action against the popular short-form video platform could have, as it may establish an undesirable precedent. “If Beijing surrenders to the United States, what will be the ultimate outcome?”
Parent firm ByteDance issued its first formal comment on the new rule in a post on Toutiao, a Chinese news app owned by the company. The statement explicitly mentioned that ByteDance has no intention of selling TikTok. In response to media reports, the firm based in Beijing addressed the speculation around exploring potential possibilities for selling TikTok’s U.S. business.
The legislation that U.S. President Joe Biden signed this week may allow Washington to extend its reach to target other China-related apps, such as the well-known e-commerce platform Temu, according to Hu Xijin, a former editor-in-chief for the party-run newspaper Global Times. Furthermore, it could encourage U.S. allies to take similar actions.
According to Hu, a political commentator, TikTok, with its 170 million American users, should display more courage and determination by refusing to give up and fighting until the very end.
TikTok has pledged to contest the recently enacted U.S. legislation that mandates ByteDance to sell off its ownership interests within a one-year timeframe in order to prevent a ban. The corporation has described the regulation as a violation of the freedom of expression of its users, the majority of whom utilize the program for amusement purposes.
The company expressed confidence in its position, stating that it firmly thinks the facts and the law support its case, and they are confident in its ultimate victory.
The dispute around TikTok has escalated the tensions between the United States and China, as both countries have pledged to safeguard their economic and national security concerns. U.S. legislators are apprehensive about the Chinese ownership of the application, as it may potentially enable Beijing to exercise undesirable influence on the United States, particularly on the impressionable minds of young individuals.
Washington has achieved a series of triumphs in reducing the influence of Chinese corporations through bans, export controls, and forced divestitures. This has led to protests from Beijing, who believe that the U.S. is intentionally trying to suppress China’s economic growth through coercion.
The TikTok Law Kicks Off A New Showdown Between Beijing And Washington. What’s Coming Next?
The United States has previously compelled Chinese corporations to sell off their assets. For instance, in 2020, Beijing Kunlun, a Chinese mobile video game company, agreed to divest itself of the gay dating app Grindr following a directive from the federal government. However, TikTok, which was developed by a Chinese corporation exclusively for the international market, serves as a prominent example of China’s technological prowess on a worldwide scale. Beijing is determined not to relinquish control over this influential platform.
Gabriel Wildau, managing director of Teneo, a consultancy and advisory firm based in New York, stated that national dignity is at risk and may be prioritized over the financial interests of ByteDance investors, especially global investors with a 60% stake in the company.
The corporation is anticipated to mount a legal battle that will heavily rely on First Amendment considerations and has the potential to be protracted for several years. Analysts assert that Beijing is relying on a favorable legal outcome.
The course of action to be taken if TikTok fails to succeed is currently under discussion with the Chinese authorities, according to Dominic Chiu, an analyst with Eurasia Group. Chiu stated that President Xi Jinping, who has the authority to approve or disallow the transaction, has likely yet to make the definitive choice.
Fortunately for Xi, Beijing does not face any immediate pressure to decide, according to Sun Yun, the director of the China program at the Stimson Center in Washington. “There is a possibility for numerous alterations,” she stated.
If lawmakers’ desire for a sale of TikTok is fulfilled, the procedure is expected to be complicated for the company. TikTok would need to separate its activities in the United States from all other aspects of its business.
Firstly, the cost of acquiring TikTok’s U.S. operations, although undisclosed, is anticipated to be substantial enough to significantly restrict the number of potential investors and companies capable of affording it. Several investors, including former Treasury Secretary Steve Mnuchin, have already positioned themselves as potential purchasers of a U.S. iteration of TikTok. According to market tracker Pitchbook, ByteDance, a privately held company, has a valuation of $220 billion.
There is now a lack of clarity on the fate of the TikTok algorithm, which is the secret formula responsible for delivering personalized short videos to users depending on their preferences. This algorithm has played a significant role in establishing TikTok as a dominant force in popular culture.
ByteDance would be prohibited from having control over the algorithm of a U.S. subsidiary of TikTok. According to many experts, Chinese authorities are likely to prohibit the sale of the technology that appears in people’s TikTok feeds, based on the amended export regulations of 2020. After the federal courts blocked former President Donald Trump’s attempt to outlaw TikTok through an executive order, this revision took place.
The TikTok Law Kicks Off A New Showdown Between Beijing And Washington. What’s Coming Next?
According to certain individuals, including Mnuchin, it is necessary to reconstruct TikTok in the United States by employing novel technology. However, it is uncertain how this will manifest or how effectively it will replicate the kind of video suggestions that viewers have become accustomed to.
According to Robin Burke, a professor of information science at the University of Colorado Boulder, certain elements of the algorithm might potentially be duplicated by individuals within the company. However, he also observed that TikTok has certain areas where it outperforms its competition, making it difficult to replicate.
“TikTok possesses extensive experience and a wealth of data,” Burke stated. “I believe it is improbable for a U.S. company, without inheriting the technology from its parent company, to construct something of equal caliber.” Definitely not immediately.
SOURCE – (AP)
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