Concerns over Trump appointed World Bank president will have on financial markets

Concerns over Trump appointed World Bank president will have on financial markets

Concerns over a Trump-appointed World Bank President looms amidst the resignation of Jim Yong Kim Following the recent surprising departure of Jim Yong Kim as the World Bank President, concerns over a Trump-appointed replacement are looming.

Traditionally, the worlds largest economy has always had the privilege to choose the World Bank presidents since its inception. On the other hand, European nations decide on who will lead the International Money Fund.

Jim Yong Kim cited what could be termed as “ greener pastures” as the reason for his abrupt resignation from the global development lender. His decision gave Donald Trump the perfect opportunity to use his influence in the selection of the next President of the world bank. What worries people is that President Trump may opt to choose a leader who is aligned with his views on contentious issues such as climate change.

Given that President Trump withdrew the U.S from the Paris Climate Change agreement over a year ago, an accord that most world bank countries continue to honour and support, it's understandable why these countries are growing increasingly wary of the situation.

There have been speculations that the startling decision by Jim Yong Kim was fueled by underlying differences with the Trump administration over environmental policies. Peter McCawley, a former Dean of an Asian Development Bank Institute wrote in a Lowy Institute publication that it's hard to imagine Kim didn't adhere to the messages from the Trumps
administration. This is due to the fact that the world bank leaders have always maintained close ties with senior members of the U.S Treasury.

The Executive Director and Lead Campaigner of Market Forces, an environmental activism driven organization, said that it would be disastrous for the World Bank to be led by someone who shares the same views as Trump on climate change. This has been a common observation across the board ever since President Donald Trump made it clear that the climate was not a priority for his administration. At one point during his 2015 campaign, he went referred to climate change as a “hoax,” statement that continues to be unsettling for the other member countries of the Paris Climate Change accord.

Beijing could also be affected by a Trump-appointed entrant. The World Bank has faced criticism from the U.S Treasury in recent times for granting China billions each year. This is despite the fact that China is the second largest world economy and an active financier to the worlds developing economies. A new leader of the World Bank with influence from President Trump’s administration could possibly move to reduce lending to the Chinese government.

April last year, the World Bank made an announcement on key lending reforms that would increase borrowing costs for higher-income countries like China. The recent developments have seen many questions on whether the U.S should continue appointing the World Bank leaders.

Singapore Airline Sends Out Warning In Regards to an Ongoing Phishing Scam Offering Free Tickets In a move to protect its customers, Singapore Airlines has sent out a warning over an ongoing Phishing scam that promises free tickets through a Facebook post. SIA representatives said that there is a website posing as their own, with the intention of deceiving its customers on the availability of free tickets to commemorate its 70th anniversary.

The fake website is asking users for personal data and has prompted SIA airlines to report the incident to the authorities. Customers have been urged to exercise discretion while disclosing their personal information to unverified sources, as the authorities work to take down the false website.

It's not the first time that the Airline has had to warn its customers over phishing scams. In 2017, days after the airline launched its first class suites, messages emerged saying that the Airline was giving free First Class tickets for its 45th anniversary.

The same year, Singapore Airlines also had to issue a warning concerning scammers that were posing as its employees. They were responsible for sending emails and calls to phish for personal information from the unsuspecting public.

In another scam in 2017, the Airline had to release an advisory on emails that were in circulation yet again, purporting that they were giving free air tickets for their 70th anniversary. Singapore Airlines continues to deal with phishing scams targeting their customers in a bid to maintain its reputation as the leading Airline in Asia.