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World Bank board elects US nominee Ajay Banga as president

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The World Bank’s board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises, Reuters reported.

Banga, 63, was nominated for the post by U.S. President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former U.S. Treasury official who served in the Trump administration. He starts the new job on June 2.

The election came after World Bank board members interviewed Banga for four hours on Monday. Malpass’ last day at the bank will be June 1. The decision came in a vote by 24 of the board’s members, with Russia abstaining, instead of the usual consensus-based process, a source familiar with the process said.

Biden congratulated Banga on his “resounding approval” to run the World Bank, which he described as “one of humanity’s most critical institutions to reduce poverty and expand prosperity around the globe.”

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President,” Biden said. “He will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change.”

Treasury Secretary Janet Yellen said Banga brought the “right leadership and management skills” to the job, and would play a critical role in pushing forward with additional reforms, including by forging partnerships between the public and private sectors and nonprofit groups, read the report.

“Ajay understands that the challenges we face – from combatting climate change, pandemics, and fragility to eliminating extreme poverty and promoting shared prosperity – are deeply intertwined. He has effectively built a broad global coalition around his vision for the Bank over the course of his candidacy,” Yellen said in a statement.

Katie Malouf-Bous, interim head of Oxfam International’s Washington office, said the bank needed “serious reform” to tackle the widening gap between rich and poor, but that would require huge new public investments and “guardrails around private finance that has run riot for too long.”

One senior U.S. official said Banga’s election came at a critical moment marked by emerging debt distress in lower- and middle-income countries and ongoing problems in food and energy markets as a result of Russia’s war in Ukraine, Reuters reported.

“It is a challenging moment, but it’s a moment where the World Bank remains more vital than ever, and where getting the evolution of the World Bank is absolutely critical,” the official said.

The bank already loans out hundreds of billions of dollars to developing countries but is working to increase its lending to help them address overlapping global challenges such as climate change, conflict and brace for future pandemics, read the report.

“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process … on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries,” the bank said.

The World Bank has been led by an American since its founding at the end of World War Two, while the International Monetary Fund has been led by a European.

Banga, who was born in India and spent his early career there, has been a U.S. citizen since 2007, Reuters reported.

Banga has met with officials from 96 governments since his nomination, the source said. He visited eight countries during a three-week world tour to meet with government officials, business leaders and civil society groups, flying a total of 39,546 miles (63,643 km).

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Myanmar quake death toll nears 700 as international aid starts to arrive

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International aid began to arrive in Myanmar on Saturday as rescuers searched for survivors after a powerful earthquake devastated the Southeast Asian nation amid concerns the number killed would soar.

The death toll in Myanmar jumped to 694 with 1,670 injured, the military government said, up sharply from the 144 dead that state media reported on Friday, according to Reuters.

“Infrastructure such as roads, bridges, and buildings were affected, leading to casualties and injuries among civilians. Search and rescue operations are currently being carried out in the affected areas,” the junta said in a statement issued on state media.

The junta leader, General Min Aung Hlaing, had warned on Friday of more deaths and injuries as he invited “any country” to provide help and donations.

A Chinese rescue team arrived on Saturday while Russia and the U.S. offered aid in the disaster, which struck at lunchtime on Friday and damaged hundreds of buildings in neighbouring Thailand.

The United States Geological Service’s predictive modelling estimated the death toll could exceed 10,000 people in Myanmar, and that losses could be greater than the value of the country’s gross domestic product. Susan Hough, a scientist in the USGS’s Earthquake Hazards Program, told Reuters it was difficult to predict an earthquake’s death toll, for various reasons including timing. When an earthquake strikes during the daytime, as it did in Myanmar, “people are awake, they have their wits about them, they are better able to respond,” she said.

SEARCHING FOR WORKERS IN TOWER RUBBLE

Much of the devastation was in Myanmar’s second-largest city, Mandalay, close to the epicentre of the quake.

In the Thai capital Bangkok, 1,000 km (620 miles) from the epicentre a rescue mission was stepped up on Saturday to find construction workers trapped under the rubble of a collapsed 33-storey tower.

A 37-strong team from China landed in Yangon, Myanmar’s former capital, early on Saturday, carrying medicine and equipment to detect signs of life with them, the Chinese embassy said in a Facebook post.

Russia said it was sending 120 experienced rescuers as well as doctors and search dogs, state news agency TASS reported.

U.S. President Donald Trump said on Friday he had spoken with officials in Myanmar and that his administration would be providing some form of assistance.

Hough, who worked in Myanmar on the local seismology network, said the country’s mix of modern structures and traditional buildings would also play a role. Traditional buildings “are going to be less potentially deadly than concrete,” she said.

Thai authorities said nine people had died and 101 were missing in Bangkok, mostly labourers trapped in the rubble of the collapsed tower.

“We will do everything, we will not give up on saving lives, we will use all resources,” Bangkok Governor Chadchart Sittipunt said at the site on Saturday, as excavators moved debris and drones scoured the rubble searching for survivors.

The Thai capital ground to a halt on Friday and Chadchart said hundreds of people had spent the night in city parks, but he said the situation was improving.

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Putin suggests temporary administration for Ukraine to end war

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Russian President Vladimir Putin suggested Ukraine be placed under a form of temporary administration to allow for new elections and the signature of key accords to reach a settlement in the war, Russian news agencies reported early on Friday.

Putin’s comments, during a visit to the northern port of Murmansk, come amid U.S. attempts to forge a settlement to the conflict by re-establishing links with Russia and engaging with both Moscow and Kyiv, in separate talks. The Kremlin leader said he believed U.S. President Donald Trump truly wanted peace, Reuters reported.

Russia’s invasion of Ukraine in February 2022 has left hundreds of thousands of dead and injured, displaced millions of people, reduced towns to rubble and triggered the sharpest confrontation for decades between Moscow and the West.

Putin’s suggestion of a temporary administration appeared to address his long-held complaint that Ukraine’s authorities are not a legitimate negotiating partner as President Volodymyr Zelenskiy has stayed in power beyond the May 2024 end of his mandate.

“In principle, of course, a temporary administration could be introduced in Ukraine under the auspices of the U.N, the United States, European countries and our partners,” Putin was quoted as saying in talks with seamen at the port.

“This would be in order to hold democratic elections and bring to power a capable government enjoying the trust of the people and then to start talks with them about a peace treaty.”

He said Trump’s efforts to proceed with direct talks with Russia – in contrast with his predecessor Joe Biden, who shunned contacts – showed the new president wanted peace.

“In my opinion, the newly elected president of the United States sincerely wants an end to the conflict for a number of reasons,” the agencies quoted him as saying.

A White House National Security Council spokesperson, asked about Putin’s remarks on temporary administration, said governance in Ukraine was determined by its constitution and the people of the country.

There was no immediate comment from Ukraine.

European leaders have pressed on with their own efforts, pledging after a meeting in Paris on Thursday to strengthen Kyiv’s army to ensure it was the cornerstone of future security in Ukraine.

France and Britain tried to expand support for a foreign “reassurance force” in the event of a truce with Russia, although Moscow rejects any presence of foreign troops in Ukraine.

UKRAINE REJECTS NOTION OF ILLEGITIMACY

Zelenskiy has rejected any notion questioning his legitimacy, saying Ukraine is barred by law from holding elections under martial law and holding a poll in wartime conditions would in any case prove impossible.

Zelenskiy has repeatedly accused Putin in recent days of wanting to press on with the conflict.

The Trump administration has proposed a new, more expansive minerals deal with Ukraine, according to three people familiar with the ongoing negotiations and a summary of a draft proposal obtained by Reuters.

Trump has said a minerals deal will help secure a peace agreement by giving the United States a financial stake in Ukraine’s future.

In his comments, Putin said Russia was steadily moving forward to achieving the goals it had set out in its Ukraine operation.

Russia, Putin said, was in favour of “peaceful solutions to any conflict, including this one, through peaceful means, but not at our expense”.

“Throughout the entire line of military contact, our troops are holding the strategic initiative,” he said.

“We are gradually – perhaps not as quickly as some might like – but still persistently and with confidence moving towards achieving the goals set out at the beginning of this operation,” the agencies quoted him as saying.

More than three years after launching their full-scale invasion of Ukraine, Russian forces now hold about 20% of the country, with Moscow declaring four regions annexed. Its forces have also recovered much of the territory it initially lost in a Ukrainian incursion last August into its western Kursk region.

Putin praised the efforts in seeking a solution from the BRICS grouping it promotes as an alternative to traditional alliances – singling out China and India for praise.

He said Russia was ready to cooperate with many countries, including North Korea, to help end the war.

Western and Ukrainian sources say more than 11,000 North Korean troops have been sent to bolster Russian forces in the Kursk region, although Moscow has not confirmed this.

Putin said Russia was also ready to work with Europe, but adding that Europe “conducts itself in inconsistent fashion”.

European countries, he said, were trying “lead us around by the nose, but it’s okay, we’ve become used to it. I hope that we won’t make any mistakes based on excessive trust in our so-called partners.”

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Secretive Chinese network tries to lure fired US federal workers, research shows

Researcher identifies “network of fake consulting and headhunting firms”

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A network of companies operated by a secretive Chinese tech firm has been trying to recruit recently laid-off U.S. government workers, according to job ads and a researcher who uncovered the campaign, Reuters reported Wednesday.

Max Lesser, a senior analyst on emerging threats with the Washington-based think tank Foundation for Defense of Democracies, said some companies placing recruitment ads were “part of a broader network of fake consulting and headhunting firms targeting former government employees and AI researchers.”

Little information is publicly available on the four consultancies and recruitment companies allegedly involved in the network, which in some cases shared overlapping websites, were hosted on the same server, or had other digital links, according to Reuters’ reporting and Lesser’s research.

The four companies’ websites are hosted at the same IP address alongside Smiao Intelligence, an internet services company whose website became unavailable during Reuters’ reporting. 

Reuters could not determine the nature of the relationship between Smiao Intelligence and the four companies.

The news agency’s attempts to track down the four companies and Smiao Intelligence ran into numerous dead-ends including unanswered phone calls, phone numbers that no longer work, fake addresses, addresses that lead to empty fields, unanswered emails and deleted job listings from LinkedIn.

Lesser, who uncovered the network and shared his research with Reuters ahead of publication, said the campaign follows “well-established” techniques used by previous Chinese intelligence operations.

“What makes this activity significant,” he said, “is that the network seeks to exploit the financial vulnerabilities of former federal workers affected by recent mass layoffs.”

Reuters could not determine if the companies are linked to the Chinese government or whether any former federal workers were recruited.

Asked about the research, three intelligence analysts told Reuters the network appeared to be a prime example of how foreign-linked entities are trying to gather intelligence from staff fired or forced into retirement by President Donald Trump and billionaire tech tycoon Elon Musk’s Department of Government Efficiency.

A spokesperson for the Chinese Embassy in Washington told Reuters in an email that China was unaware of any of the entities allegedly involved in the campaign and Beijing respects data privacy and security.

A White House spokesperson said China was constantly trying to exploit the United States’ “free and open system” through espionage and coercion.

“Both active and former government employees must recognize the danger these governments pose and the importance of safeguarding government information,” the spokesperson said.

One of the companies in the network, RiverMerge Strategies, bills itself on its website as a “professional geopolitical risk consulting company” and posted two since-deleted job listings on its since-removed LinkedIn page in mid-February.

One ad that sought a “Geopolitical Consulting Advisor” with experience with government agencies, international organizations, or multinational corporations, displayed that it had more than 200 applications, according to a screenshot of the LinkedIn post.

The other sought a human resources specialist who could “utilize a deep understanding of the Washington talent pool to identify candidates with policy or consulting experience,” and “leverage connections to local professional networks, think tanks, and academic institutions.”

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