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Biden nominates former Mastercard CEO Ajay Banga to head World Bank

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US President Joe Biden nominated former Mastercard Inc (MA.N) CEO Ajay Banga to lead the World Bank, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change, Reuters reported.

Biden's nomination on Thursday of Banga, 63, now a US citizen, all but assures he will assume a job that oversees billions of dollars of funding, as it races to help developing countries address climate change.

The World Bank (WB) on Wednesday said it expects to select a new president by early May to replace David Malpass, who announced his resignation last week after months of controversy sparked by his initial refusal to say if he accepted the scientific consensus on climate change, and pressure by Treasury Secretary Janet Yellen for him to adopt "bolder" reforms, read the report.

"I think the speed of the nomination, less than 48 hours after the WB board launched the process, reflects a desire to discourage any challengers and wrap it up quickly," said Scott Morris, a senior fellow at the Center for Global Development and a former US Treasury official.

Biden noted Banga's decades of experience building global companies and public-private partnerships to fund responses to climate change and migration and said he had a proven track record working with global leaders, Reuters reported.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement, hailing the business executive's Indian roots and knowledge of the challenges facing developing countries and ability to mobilize private capital to tackle big problems.

Banga's work in India and other emerging markets, his "obsession" with expanding financial inclusion, and his deep knowledge of new technologies could help bridge the divide between rich countries and emerging markets, said Luis Alberto Moreno, who worked closely with Banga while serving as president of the Inter-American Development Bank.

"He can really be a force for change," Moreno said, noting that Banga enjoyed the trust of financial markets.

India was expected to support Banga's candidacy, according to Krishnamurthy Subramanian, the former top economic adviser to the Indian government who now serves as India's executive director at the International Monetary Fund. "It's an elegant solution."

DIVERSITY

The bank has historically been headed by someone from the United States, its largest shareholder, while a European heads the International Monetary Fund (IMF), but developing countries and emerging markets have pushed to widen those choices.

Banga's nomination is the first to be made public, but the bank will accept nominations from other member countries through March 29. Germany, another major shareholder, this week said the job should go to a woman since the bank has never been headed by a woman, Reuters reported.

A senior US administration official said they did not know if other countries would nominate candidates for the post.

Asked about Washington's decision not to nominate a woman, the official said Banga had "a personal conviction and excellent track record promoting diversity, equity and inclusion in the work that he does" and would bring that view to the bank.

But Jeff Hauser, who heads the progressive Revolving Door Project, demanded Biden retract the nomination of a top official from a "rapacious international private equity firm" who had previously worked only in private sector firms.

"Neither private equity, nor MasterCard, nor Citigroup, nor PepsiCo, nor Nestlé, nor Dow promote shared prosperity. They all do vastly more to exacerbate inequality than to fight it," he said in a statement.

Oxfam International said the next bank president should be chosen through a transparent global process. "The World Bank is not a US bank, a commercial bank, or a private equity firm. For a job of this stature, we need more than a tap on the shoulder from President Biden."

Banga is vice chair of General Atlantic, a US private equity firm that administration officials said has invested over $800 million in EV charging solutions, solar power and sustainable farming, read the report.

He retired in December 2021 after 12 years at the helm of Mastercard, where administration officials noted that he helped 500 million unbanked people join the digital economy, averted layoffs of the bank's 19,000 employees during the COVID-19 pandemic, and led work on climate, gender and sustainable agriculture.

Vice President Kamala Harris said Banga brought "great insight, energy and persistence" to his role as co-chair of the Partnership for Central America, which has mobilized $4.2 billion in public, private and nonprofit funds to advance economic opportunity in northern Central America.

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Israeli airstrikes kill at least 31 people in Gaza, medics say

Hamas has repeatedly denied using civilian facilities such as hospitals, schools, and mosques, for military purposes.

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Israeli airstrikes killed at least 31 people in the Gaza Strip on Sunday, Palestinian medics said, with nearly half of the deaths in northern areas where the army has waged a month-long campaign it says is aimed at preventing Hamas from regrouping, Reuters reported.

Palestinians said the new aerial and ground offensives and forced evacuations were "ethnic cleansing" aimed at emptying two northern Gaza towns and a refugee camp of their population in order to create buffer zones. Israel denies this, saying it is fighting Hamas militants who launch attacks from there.

Medics said at least 13 Palestinians were killed in separate attacks on houses in Beit Lahiya town and Jabalia, the largest of the enclave's eight historic camps and the focus of the army's new offensive.

The rest were killed in separate Israeli airstrikes in Gaza City and in southern areas, including one in Khan Younis, which health officials said had killed eight people, including four children.

Later on Sunday, health officials at the Kamal Adwan Hospital near Beit Lahiya said the facility came under Israeli tank fire and that one child hospitalized at the hospital was critically wounded.

Hussam Abu Safiya, the hospital's director said the incident took place after a delegation from the World Health Organization visited the facility and evacuated some patients.

He said while evacuating the wounded was important, it was more important to dispatch specialized medical teams to north Gaza hospitals that have become overwhelmed by the number of casualties.

Abu Safiya said the tank fire hit the water supplies, the courtyard, and the neonatal intensive care unit.

COGAT, the Israeli army's Palestinian civilian affairs agency, said the explosion resulted from an explosive device planted by Palestinian militants and not an Israeli attack.

"The terrorist organizations continue to exploit civilian infrastructure, medical facilities, and international aid organizations for their terror activities," a COGAT statement said late on Sunday.

Hamas has repeatedly denied using civilian facilities such as hospitals, schools, and mosques, for military purposes.

On Saturday, the Israeli military sent a new army division to Jabalia to join two other operating battalions, a statement said. It said hundreds of Palestinian militants have been killed in the "battles" since the raid began on Oct. 5, read the report.

Meanwhile, COGAT said it facilitated the launch of the second round of a polio vaccination campaign in northern Gaza on Saturday and that 58,604 children have received a dose.

The Gaza health ministry said Israel's military offensive in northern Gaza was stopping them from vaccinating thousands of children in Jabalia, Beit Lahiya, and Beit Hanoun.

It said one clinic had come under Israeli fire while parents brought their children for the anti-polio dose on Saturday and that four children had been injured.

The head of the World Health Organization said in a statement the clinic incident took place despite a humanitarian pause agreed upon by the two warring parties, Israel and Hamas, to allow the vaccination campaign.

"A @WHO team was at the site just before. This attack, during a humanitarian pause, jeopardises the sanctity of health protection for children and may deter parents from bringing their children for vaccination," Director-General Tedros Adhanom Ghebreyesus said in a post on X on Saturday.

"These vital humanitarian-area-specific pauses must be absolutely respected. Ceasefire!" he said.

The Israeli military, which had no immediate comment on Tedros' remarks, said it was checking the report about the clinic.

A larger ceasefire that would end the war and see the release of Israeli and foreign hostages held captive in Gaza as well as Palestinians jailed by Israel remains remote due to disagreements between Hamas and Israel.

Hamas wants an agreement to end the war permanently, refusing recent offers for temporary truces, while Israeli Prime Minister Benjamin Netanyahu says war can only end when Hamas is eradicated, Reuters reported.

The war erupted after Hamas-led militants attacked Israel on Oct. 7, 2023, killing some 1,200 people and taking 251 hostages back to Gaza, according to Israeli tallies.

Israel's retaliatory offensives have killed more than 43,300 Palestinians and reduced most of Gaza to rubble.

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World

Russia targets Kyiv in hours-long drone attack

Ukraine’s military reported on Saturday that air defences had destroyed 39 out of 71 Russian drones that had been launched, and that another 21 had been “locationally lost”.

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Russia unleashed its latest overnight drone strike on Ukraine, targeting the capital Kyiv in an attack that lasted into midday and wounded at least one person, city officials said on Saturday.

Debris from downed drones struck six city districts, wounding a police officer, damaging residential buildings and starting fires, according to city military administrator Serhiy Popko, Reuters reported.

"Another night. Another air-raid alert. Another drone attack. The armed forces of the Russian Federation attacked Kyiv again according to their old and familiar tactics," Popko wrote on social media.

All the drones aimed at Kyiv had been shot down, he said.

Ukrainian energy provider DTEK said a high-voltage line powering the capital and two distribution networks in the Kyiv region had been damaged.

DTEK said in a statement that electricity had mostly been restored and that repairs were underway.

Reuters correspondents reported hearing explosions in and around the city during an air-raid alert that lasted more than five hours. One drone was seen flying low over the city amid the din of automatic-weapons fire.

Ukraine's military reported on Saturday that air defences had destroyed 39 out of 71 Russian drones that had been launched, and that another 21 had been "locationally lost".

President Volodymyr Zelenskiy said strikes were also reported in the central Poltava and northeastern Sumy and Kharkiv regions, read the report.

"This year, we have faced the threat of 'Shahed' drones almost every night — sometimes in the morning, and even during the day," he wrote on social media, referring to the Iranian-made attack drones used by Russia.

Russian forces have carried out regular airstrikes on Ukrainian towns and cities behind the front lines of the war which began when Russia invaded its neighbour in February 2022.

Kyiv's military said on Friday that Moscow's forces had launched more than 2,000 drones at civilian and military targets across Ukraine in October alone.

Russia has denied aiming at civilians and said power facilities are legitimate targets when they are part of Ukrainian military infrastructure.

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World

Nineteen reported injured in central Israel after projectile launch

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Nineteen people in central Israel's Sharon region were injured, the Israeli police said, after the military reported the launch of three projectiles from Lebanon into Israeli territory early on Saturday.

The national ambulance service previously reported that seven people in the central Israeli town of Tira were injured, Reuters reported.

The Israeli military said that sirens sounded in several areas of central Israel after the projectile launch. Some projectiles had been intercepted, it said.

"A fallen projectile was most likely identified in the area," the army added, noting that details were under investigation.

The national ambulance service and local media said the injuries in Tira ranged from mild to moderate, while two other people suffered stress symptoms.

The Islamic Resistance in Iraq said later in a statement it had launched drones at a "vital target" in northern Israel. It was not immediately clear if the group's action was related to the injuries.

Fighting in Lebanon has escalated dramatically in recent weeks between Israeli forces and the Lebanese Hezbollah group.

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