for the world bank group, moving beyond age means continuing to transform ourselves to become an open knowledge partner, drawing from researching, customizing and sharing solutions from around the world. the world bank group would be an investor and intermediary for investors and institutions and in capacity, whether of governments or businesses or civil society. it would be a catalyst for action in a democratized development model. and it would be a champion of inclusive and sustainable growth. three years ago i proposed one such innovation. i called it of 1 percent solution whereby sovereign walled funds would invest one percent of their assets and africans growth. today i see the private sector arm as a new asset a management company and the fund's total over $4 billion over 3 billion of which come from outside investors such as auburn well funds and pension funds. today i want to propose another idea that could bring us closer to a world beyond aid, 50% solution. women make up 50% of the global population, and 40% of the global work force. in africa were mixed -- women are the bac

korea and the world bank have agreed to help developing countries pursue green growth. a memorandum of understanding was signed between finance minister bahk jae-wan and world bank president robert zoellick in washington d.c. on wednesday,... committing korea to share its knowledge and funding for the developing member nations of the world bank. under the agreement, seoul will set up a fund dubbed the korea green growth trust fund and inject 40-million us dollars in a 4-year period starting next year. this fund will be used to help developing countries with their sustainable growth research and investments in fields like transportation, energy and water resource development. a number of korean institutions, such as the korea electric power corporation and the korea water resources corporation, have been designated as partner institutions for the project. the two sides also signed an mou regarding korea's knowledge sharing program, or ksp. the ksp has been helping developing nations since 2004 by sharing the country's economic development experience and know- hows. the m

. >> ifill: then, we talk to world bank president robert zoellick about the financial turmoil in europe that threatens to engulf the u.s. and developing countries around the world. >> woodruff: plus, ray suarez looks at the deadly government crackdown on protesters in yemen. >> ifill: science correspondent miles o'brien reports on the return of a once-endangered species, now caught in the cross-hairs of cattle ranchers. >> six teen after gray wolves were reintroduceded to yellowstone park, they'll be hunting them this fall in idaho and montana. ranchers say it's high time. environmentalists say it's a full-scale assault on the endangered species act. >> woodruff: and hari sreenivasan explores the impact of big money in college athletics with historian taylor branch. that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: >> oil companies have changed my country. >> oil companies can make a difference. >> we have the chance to build the economy. >> create jobs, keep people healthy, and improve schools. >> ...and our communities. >> in angola chevr

to your government is not going to do anything for you at this point because as he says the banks rule the world and how many times has this dick durbin the senator from america also said this he said that got the banks rule in place so how many times do you have to be told i mean i don't understand any of the occupy wall street folks are down there and they're wondering well we're here we know what do we do well they have to demand that the bankers come out with their hands up we're going to go in so here he is he says that goldman sachs rules the world and the other big banks now let's turn back a little bit wind back a bit in the interview where he explains the mind of a trader how the trader how a banker looks at the financial chaos in the world for most traders it's not about is that we don't really care much how to interface how to fix the economy how to fix the whole situation our job is to make money from it. personally. i mean dreaming of this one for three years i have a confession which is i go to bed every night i dream of another recession i dream of another moment like this why bec

trillion dollars is the real number and because that's what's going to take to recapitalize the world bank but of course i mean every single currency must be recalibrated and just about every single country the world loses its sovereignty and you've got an oligarch of global bankers running the show and that's the new world order ok well let's move back to the story here because let's see how this plan is going to work they're saying first that europe's banks would have to be recapitalized with many tens of billions of euros to reassure markets that a greek or portuguese default will not upset the system and then if the banks are unable to raise that money those tens of billions on the private market they said well you can't go to the taxpayer or of the european financial stability facility right the second leg of the plan is to bolster that yes staff because there might be that those that have the money to be all the banks that they say this coming plan relies on right so they've got both foot on both sides of the teeter totter they're bouncing back and forth juggling water balloons while

>> unless you separate out the wild west casino operation from the world bank and inhabited by ordinary women and were never businesses, we are in real trouble. that is what the banking commission proposed and why we need to get on implementing the report. >> this advertisement is how ubs likes to see itself, virtuoso in the world of banking. it has been humiliated by one of its bankers. >> we have heard an awful lot about the woes of big banks like you be as an international marketing in turmoil. it is hard to escape the economic crisis, it seems. but one quiet corner of new england is giving it a shot. at the small community is the unlikely front line in the battle against globalization. this county in western massachusetts created an alternative to the dollar in the years before the financial collapse of 2008. how has their local currency, burke shares fared? ♪ them and nobody knows you when you are down ♪ >> it is hard to escape the global economy -- while other parts of the country reeled from events they cannot control, many people here feel cushions by the region's local currency

banks. five of the world's leading banks are taking coordinated action to try help the financial system. they are offering new loans to commercial banks to help ease funding pressures. this report from our europe editor. >> on a day of gloomy forecasts, a concerted move by the world's most powerful central banks, short-term loans are going to be made available to commercial banks. there have been growing concerns that banks were stopping lending to each other because of fears they might face losses in the eurozone. in greece, there were more protests against the austerity demanded by europe's leaders in exchange for a further bailout. this on a day when the eurozone was told that growth was expected to come to a virtual standstill by the end of the year. there was a warning that a combination of weak growth and high debts was leading to a dangerous loss of confidence. >> this vicious cycle is gaining momentum and, frankly, it has been exacerbated by policy, political lack of resolve. >> greece remains at the heart of the crisis. so far, a bailout and austerity measures have not worked. g

or world bank. it's not about developing countries being instructed by developed countries. bout north, south, zero-sum politics of complaining and blaming. adapting to this new world is about recognizing that we must all be responsible stake holders now. in an interdependent global economy, yes, we need china to be a responsible stake holder and need china to be a trading partner to move towards a responsible exchange rate system, to offer intellectual property protection and pursue environmental policies. but this is not just about china. europe, japan and the united states must be responsible stake holders, too. they have pro contrast tin ated too long, narrowing what choices are left to a painful few. the global economy has entered a new danger zone with little running room as european countries face difficult truths about the common responsibilities of a common surnsy. japan has resisted structural reforms that could retool its sputtering economic system. the united states is facing record deficits with no approach in sight for cutting the drivers of debt. it's not respo

plans being put in place. >> in greece, they were cleaning up their vandalized central bank, but elsewhere, the world's central bank signaled they were prepared to work together to help struggling banks, and the markets judged that as a positive step. gavin hewitt, bbc news. >> the concerted effort by banks helped boost shares in the u.s. and europe and are doing likewise here in asia. the nikkei extending gains, up about 1.5%, amongst other markets that are open. kospi up almost 2%. australia's a.s.x. is up over 1.5%. stocks on wall street rising, the fourth day they've done so on relief that credit markets will free up and companies and consumers would start spending again. and the in currency market, the movement, euro surged more than 1% against the dollar and the yen, and it's holding on to those gains this morning here in asia at 76.78 for the yen. well, in other news, the swiss banking giant, u.b.s., it says may have lost around $2 billion because of unauthorized trading by but its traders in its investment bank. kweku adoboli was arrested in london on suspicion of fraud. shares of u.b.s. fell b

and leaders of these banks to make sure they know what their employees are up to. >> thank you very much for joining us. from ubs to the news rocking the global economy, the world's leading central banks have agreed to make it easier for european banks to get short-term loans in dollars in order to stop capital markets from freezing. stock markets in europe and america responded positively. the news coincided with a call from the head of the imf, christine lagarde, for bold action to break the vicious circle of weak growth and high debt. >> the euro area debt crisis has worsened. financial strains are rising. without a collective, bold action, there is a real risk that the major economies slip back instead of moving forward. >> christine lagarde there. for more on the action taken by the central banks, i am joined by a reporter from the bbc. thank you very much. the bank of england, the central bank -- what have they agreed to do and why is it significant? >> have agreed to make dollars available to commercial firms -- they have agreed to make a dollars available to commercial firms to have been impacted by this debt crisis. they have not been investing. these fi

the world bank in these months and years ahead. i don't know that they have a rule the world economic forum at davos hold on with the i am the bank for international settlements have all said that they expect that we would have to total the debt in the system again within the next ten years to carry economic growth the reason that we got in trouble in two thousand and seven in the first place is people couldn't pay their debts so if we doubled the debt are we going to make the payments and at the end of the day is the problem there's too much throughout the system not just in the united states but worldwide and it has eclipsed the ability to produce and have that excess capital put to that purpose sometimes it just makes you want to ask the question how many times are we going to learn the same lesson over before we actually get it carl that enter in i thought i want to thank you so much for aftermarket karl than turner and that is going to do it.

can you talk about how easy the world bank restructuring itself? >> there is a multiplicity. the starting point is to recognize that while we are called bank, our primary purpose is not to finance. that is a little misleading to people. as i alluded to, when the world bank group is an institution, it is really to combine three activities. it is able to get knowledge and learning and experience from developing countries to other developing countries and be able to customize it to help people come up with solutions. what distinguishes us from a university is that we do have money and we can come up with a variety of different innovative forms of doing that. we have a new intermediary for private investment, in addition to the way we used to do private investment, as well as public sector insurance. third, we have done to wonder billion dollars of commitment since the start of the financial crisis -- $200 billion of commitment since the start of the financial crisis. what we have to try to do is view those projects to have a leveraged a fact, to have an effect on building markets

speaking at the opening of the world bank-imf annual meetings in washington thursday... ms lagarde said the crises in the european union and us were threatening the entire world economy... and that the heavy debts could suffocate the global economic recovery. lagarde also said... the global policy should not be driven by day-to -day investor's panic. english "and we really try to look at the fundamentals of economies, we try to look at the policies that have been decided and more importantly, the implementation of those policies." related to that, billionaire investor george soros told cnbc... that the european debt crisis is more of a threat to the global economy than the collapse of investment bank lehmann brothers in 2008. soros also said the united states is already in a double-dip recession... blaming the republican party's opposition to president obama's jobs and tax policies for steering the economy away from recovery. meanwhile... the leaders of korea, the united kingdom, australia, canada, indonesia and mexico have sent a joint letter to the g20... that calls on

thousand and eight as fears of a double dip recession grow despite the efforts of the math and world bank. it is a dam in the russian capital you're watching artsy was memory natascha and new era dawns in the palestinian quest for statehood after its president submitted a formal request for recognition to the united nations and impassioned speech by mahmoud abbas was greeted with rockets applause by representatives of the international community while the israeli delegation chose to walk out in protest of work i was watching it for us in new york the palestinians have a fish elise submitted their application for u.n. membership and statehood that application is going to be discussed by the security council on monday when the palestinian president mahmoud abbas walked into the general assembly he received a round of applause that lasted for more than a minute that's not something that's often seen lots of delegation stood up and gave him a standing ovation and they did this several times throughout his speech. the speech lasted about forty minutes and he addressed the desires of the arab p

the imf and world bank held their annual conferences today. they have warned europe and u.s.that they risked suffocating the global economy. they have topped four countries to -- they have also convinced poor countries that they need to get things in order. >> there is hope according to christine lagarde. >> having a little bit of patience while pushing the leaders into the direction where they have to take much needed action, more action than what has already been done. >> her optimism about the global economy is not shared by the world bank president. >> i still think that a double- dip recession for the major economies is unlikely but my confidence is being eroded daily by the steady grip of difficult economic news. >> they called on industrialized nations to take action spreading to developing economies. >> let's go to our washington correspondent. you were covering the conference. what did the world's main lenders have to say? >> the time for mauling through was over and the government in japan and america and europe must act to address the financial and economic problem

banks to the eurozone crisis, notably sovereign debt in places like greece. hsbc gaining 1.3%. they did incur some heavy losses yesterday after the head of the world's biggest bond fund said he was particularly concerned about french banks and the possibility that they may drag the eurozone into recession. mon nisha? >> over here, nina, in hong kong, the stock exchanged just closed for the weekend. the index fell from the word go along with all the other markets in this region. ramy inocencio joins us with a wrap-up of the day's declines? >> hey, mon nisha, we're seeing a sea of red. the hang seng closed 1.3%. it was down by as much as 2% earlier in the day. icbc, the world's biggest bank by market cap had fallen more than 5% by the end of today. in the chinese main land, the chinese composite closed about .5% down. it had been down by as much as 1% t. asx was down 1%. b bh bill ton and rio tinto closing between 2% and 3%. the session's biggest loser was over in korea, the cos pi. it is down a whopping 5.7%. stocks sensitive to a global slowdown, talking shipping and oil were down by as much as 7% to 8%. the bad news doesn't end there for south kore

world in the world bank has structural adjustments are actually causing significant structural. chaos in these kind of rule societies that have been targeted they have wonderful assets which are particularly valuable and are used to of course. uses collateral for these micro loans out of the assets and you have an water learns labor rights we have these kind of people who are receiving these grants who are somewhat responsible for the community and in many ways there's their past they were able to leverage some kind of. access to to the labor because possibly into the community in order to gain political sustenance usually through just the very typical kind of game in which locals are able to negotiate with the state for receive a little bit of rent from the state in return for compliance what is happening here is that the state is being replaced by these kinds of pseudo state institutions connected with that which connected with the islamic development banks of the world and now they have we have these in entrepreneurs who have invested the future of their community the land th

world bank president made the remark at a lecture in washington on wednesday. >>> the global ecannot my entered a new danger zone with little running room as european countries face difficult truths about the common responsibilities of a common currency. >> zoellic said the countries are irresponsible as they have not been able to work together to resolve the credit crisis, the current credit crisis, triggered by the greek debt problem. he called on the common euro zone currency to tackle the debt crises. japan resistd social reform while the united states is facing record peace time deficits with no approach in sight for cutting its debt. he warned the global's con my will be drugged down unless japan, u.s. and european countries face up to their responsibility and solve their problems. >>> now it's time to get a check on the markets. u.s. market closed higher for a third day in a row boosted by reassurances from germany and france about support for greece and the euro. to see how stocks are kicking up here in japan this thursday morning, let's cross over to ram ramin who sat tokyo

their forum with alliance on the ground the c n t and it's not the only thing we also hear about world bank i.m.f. want to give loans so what we see happening now is that the nato western countries are trying to impose their will on the sea and to other means until now the sea and he was defending completely on the nato to advance on the ground now apparently they seem to have some control still with nato bombing got a second the gender imposed and now. libya and the development of the western interests the money and using the money that belongs to the libyan people international loans the world bank and i.m.f. and we all know what they want to impose on countries where they give loans oh no just. that it was strangely view until the end of the war so could there be all carrier motives behind this decision. i didn't expect that they would leave before the end of the war it's their war and without nato bombing the war could be finished very soon so what we saw in the beginning of the rebellion but it's not only that the minister of defense said just after the attack people leave that it's no

hello and welcome to the business here on ars see the world bank says the risks of the global economy are rising and so are the risks to russia's growth the slowdown in the u.s. and that crisis in europe are all weigh in on the country's economy the world bank has cut its g.d.p. forecast to four percent from four point four percent for the sea year bazza high oil prices and lower inflation could help russia sustain growth. i think that we should really. look at their situation in russia is fairly favorable with current surplus probably almost balanced budget this year i think that temporary paper will situation should be used to implement the more serious medium term fiscal adjustment to reduce the known fiscal deficit in medium term which i think would be important for us to significantly strengthen its fiscal position over the medium term so i think the overall picture is that the short term picture is favorable but there remains share is medium term structural issues that are well known in russia i'm sure the list of climate to davis vacation and. infrastructure gaps and all that.

they account for almost half the votes in the army or from the world bank so even if you made a voting system they would be able to get their candidates in providing they collaborate with each other but you don't want to system where it's assumed that one organization will be run by one country and the other will always have your opinion and how do you think all of that has a pact at the euro zone and personally i think the world is going through some very important structural changes and if europe is showing signs of strain i think it's appropriate that the fund should do what is necessary but it's also appropriate that europe should bear a very large part of the burden and the costs and that's what's happening with the i.m.f. is working collaboratively with the european central bank on the whole i think stability is very important for all of us and so far what they've done i think is the right thing but looking ahead as new sets of problems arise and it is always an issue. of fund must be not dominated by the concerns of any one part of the world would be should be seen to be reflect

it's oxford educated economist and the youngest me an advert had a world bank department he's now the chairman of india's planning commission mr monti exciting ahluwalia i want to thank you so much for joining me so first of all i want to ask you is the fact it wave of the global financial crisis upon us i think what will happen is markets will be disrupted slightly moderate growth prospects for the carbon in the us and maybe in europe but i don't see this as going back to two thousand and eight and so where do we go from here who is going to. fix what's going on in the world right now the world needs to. get together to work out what's the transition what's a reasonable transition in a world in which there would be more than one currency and where the traditional reserve currency. at the moment is in a country which doesn't have a very well balanced macroeconomic situation and is there is. in india do you think that perhaps there could be a shift in the world order and. india could be somehow gaining from what's going on in washington there is certainly a shift going on in the world

are made by the us treasury department well even the head of the world bank has accused the top advanced economies a few congress in their policies when countries with large fiscal deficits preach fiscal discipline to poor countries what are they really saying do what i say not what i do when countries pay homage to free trade but hold back developing countries with barriers what do they really say do what i say not what i do a do what i say not what i do world will fracture to the detriment of all. the old ways can in must change with the i.m.f. said wealthiest members themselves facing their own problems many doubt whether the organization will be able to take adequate measures to work off possibly another global crisis as well lending money to the world's weaker connelly's the i.m.f. is still facing the challenge of offering viable solutions that cannot come with crippling measures but one thing is clear the world demands an i.m.f. that does not work solely for the benefit of the few i'm going to check out with forty four last r.t. . and r.t. spoke with russia's finance minister alexe

and the world bank so even if you made a voting system they would be able to get their candidates in providing to collaborate with each other but you don't want to system where it's assumed that one organization will be run by one country and the other will always have your opinion and do you personally think that the euro is going to survive the creation of a single currency for europe was a pretty major. step i think is generally recognize that if you want to have a single currency it needs to be backed by a single fiscal authority now since euro zone is different countries they obviously don't have a single for school authority but to back a single currency they must have a very shared understanding of who's going to pay the bills if a problem arises that will become a substitute for the single part. i think that's been sufficient people killed i think that in the first flush of. a good feeling about the euro there was an assumption that a lot of benefits that come to european countries from having the same currency but not enough appreciation there are costs and obviously you kno