World Bank head quits, Trump likely to determine successor
World Bank President Jim Yong Kim has announced that he is stepping down as the head of the premier anti-poverty institution putting the likely choice of its future leadership in the hands of US President Donald Trump, a sceptic of international development.
 
Trump's role is expected reinvigorate challenges to Washington's monopoly on appointing the Bank's head.
 
Announcing his decision on Monday, Kim said in a tweet: "It's been the greatest privilege I could have ever imagined to lead the dedicated staff of this great institution to bring us closer to a world that is finally free of poverty."
 
Kim, 59, who is dropping out 19 months into his second term on February 1, would be joining a private company and focus on infrastructure investments in developing countries, the Bank said.
 
The Bank's CEO Kristalina Georgieva will become the interim president till a successor to Kim is appointed.
 
As the largest share-holder, the US by tradition appoints the head of the Bank, while Europeans determine the chief of the International Monetary Fund.
 
Kim was nominated for the job by former President Barack Obama in 2012.
 
Before Trump's election, Kim was hastily re-appointed in September 2016 to a second term that began in July 2017 with an eye on pre-empting a possible Trump nominee getting the job.
 
Now, however, Trump will get an opportunity to nominate the Bank's head.
 
Trump's role will resurrect and strengthen challenges to the post-World War II model of the leadership of the 189-member bank that has always been determined by the US .
 
Already the US nominee was challenged for the first time in 2012 by two contenders.
 
Colombian economist Jose Antonio Ocampo Gaviria eventually withdrew from the race, while Nigeria's then-Finance Minister Ngozi Okonjo-Iweala lost when the Bank's directors rubber-stamped Kim's appointment.
 
Now there will be robust demands for reconsidering the US leadership of the Bank and stronger non-American contenders for the job.
 
Kim, a South Korea-born US citizen, was an unusual leader for the Bank: He was a medical doctor by training, a specialist in public health and an academic with a Harvard doctorate in anthropology who had led the Ivy League Dartmouth College.
 
But his background in health was a plus for the Bank's mission of fighting poverty and promoting development.
 
Under his leadership, the Bank adopted in tandem with the UN the goal of ending extreme poverty by 2030 and focusing on the bottom 40 per cent of the population in the developing world.
 
The Bank's International Development Association, which funds programmes in the least developed countries, achieved two record replenishments during his tenure, the last one in 2016 for $75 billion.
 
Last April, the Bank also increased its capital by $13 billion with the unexpected support of the Trump administration.
 
Kim also pushed the Bank's cooperation with the private sector for financing development in the developing world, particularly in the areas of climate change and infrastructure.
 
China, though a part of the World Bank, has thrown a challenge to it by setting up its own development banking institutions.
 
The Asian Infrastructure Investment Bank (AIIB), founded in 2016 is one of those institutions and several countries including India, Germany, Britain and South Korea have joined it.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Ad or Not? Priyanka Chopra and Nick Jonas, aka Chonas
Wedding-themed Instagram posts preceding couple's nuptials were not just about their affection for each other.
 
Before Indian actor Priyanka Chopra and singer Nick Jonas, aka Chonas, tied the knot they said “I do” to a number of brands that they endorsed on Instagram in wedding-themed posts preceding the ceremony. But in promoting these brands, did they break a vow with the US Federal Trade Commission (FTC) that sponsored posts be clearly and conspicuously disclosed as ads? With much attention being paid to the celebrity couple’s recent nuptials, TINA.org took a closer look. 
 
We start with Chopra and Amazon.
 
 
Right off the bat, we could tell you that the FTC would likely have a problem with the placement of #ad in the caption. This is due to the fact that, on mobile, Instagram users typically see only the first three lines of a longer post like Chopra’s unless they click “more,” according to the FTC. “And let’s face it: Many people don’t click ‘more,'” writes FTC senior attorney Lesley Fair in a blog post aimed at brands and influencers. “Therefore, disclose any material connection above the ‘more’ button.” And while Chopra uses Instagram’s built-in disclosure tool to communicate that the post is part of a “Paid partnership with amazon,” the FTC has stated that the tool, on its own, may not be sufficient.
 
According to Vanity Fair, Chopra only agreed to work with Amazon on her wedding registry after the online retail giant agreed to her philanthropic terms, which according to the Instagram post involved a $100,000 donation to UNICEF, the children’s charity. However, a material connection, as the FTC defines it, can take many forms and does not always have to be a monetary payment from brand to influencer.
 
Jonas, you’re up.
 
 
When it comes to material connections, Jonas has a strong one with the brand he endorses in this Instagram post. According to Vanity Fair, Jonas is an investor in Lime electric scooters, making the need to disclose arguably more important. How does he do? We’ll give him a D-minus. Like his belle, Jonas utilizes Instagram’s built-in disclosure tool, the shortcomings of which are discussed above. But rather than bury #ad in the caption, Jonas has chosen to neglect the hashtag entirely.
 
In another bachelor party weekend Instagram post, Jonas dons a yacht captain’s hat as he poses with a bottle of Elit vodka, a brand with which he has “a long-standing relationship,” per Vanity Fair. Again, the only form of disclosure is the built-in tool.
 
Together, the three sponsored posts — Chopra’s for Amazon and Jonas’ for Lime and Elit — have garnered more than 3 million likes as of this writing.
 
Priyanka and Nick, we wish you the best. May you always remember to make time for the little things, like disclosing your material connections to brands.
 
Find more of our coverage on influencer marketing here.
 
 
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How the Trash Industry Worked Overtime Trying to Thwart New York City’s Reform Plans
A push against a zoning proposal involved a trade group helmed by a man convicted in a bid-rigging scheme; $500,000 to a lobbying firm that drafted legislation; and a lawmaker who was recently in business with one of the major haulers.
 
In the summer of 2016, New York City government officials called for reforming the city’s private trash industry, calling it chaotic, dangerous and inefficient. Each night, an army of trucks races to complete long routes that crisscross the city, with dozens of companies collecting garbage from businesses in a single neighborhood.
 
The solution, officials declared, was a plan that would divide the city into zones.
 
The city would choose which companies got to operate in a zone, holding them to environmental, safety and labor standards. The administration of Mayor Bill de Blasio announced its support for the reform. It also released a study that found zoning would reduce truck traffic across the city by up to 68 percent and reduce greenhouse gas emissions by 64 percent, leading to “cleaner air” and “safer streets,” as well as improved recycling rates, customer service and worker safety.
 
The report noted that the industry’s practice of employing off-the-books workers was widespread.
 
The city’s private trash haulers lined up in opposition to the zoning idea, and over the last few years they have engaged in an expensive and head-on campaign to thwart the plan.
 
To fight zoning, the haulers created a nonprofit trade group, and they installed as its sole paid officer a convicted felon whose past participation in a bid-rigging, bribery and kickback scheme likely should have barred him from holding the position, according to city regulations.
 
The trade group paid more than half a million dollars to a lobbying firm to line up local politicians in opposition to the city’s plan, a push that paid off in June when two members of the City Council introduced legislation that would undermine the zoning reform. Records obtained by ProPublica show that the proposed legislation was taken virtually word-for-word from a document drawn up by the trade group’s paid lobbyists.
 
And records show that Mark Gjonaj, one of the City Council members who proposed the competing legislation — a bill blocking the creation of zones and largely leaving the current regulation of the industry intact — had recently been in business with the owners of one of the private trash companies behind the anti-reform effort.
 
The head of the trade group, incorporated in 2016 as New Yorkers for Responsible Waste Management, said that the city’s reform plan would do more harm than good, and that the major haulers had united in opposition in order to retain the industry’s open-market system.
 
Asked about the criminal past of the group’s lone paid official, Ray Shain, a spokesman said, “His role with NYRWM is limited to providing administrative services and counsel,” adding, “NYRWM operates in accordance with all city and state rules and regulations.” The spokesman, Sam Spokony, said he didn’t see any need to respond to questions about past business dealings Gjonaj had with one of the group’s funders. Shain did not respond to requests for an interview.
 
Kendall Christiansen, executive director and a paid lobbyist for NYRWM, said in a statement, “NYRWM’s existence was made necessary by the de Blasio administration’s failure to fully engage stakeholders and consider alternatives before unilaterally deciding that the industry’s open market system must be eliminated and replaced by a network of zones and city-selected companies, which may simply disrupt the existing system rather than improve it.”… Continue Reading… 
 
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