World Trade Organization to select a new leader
The current director-general of WTO, Ricardo Azevedo, said he will leave the Organization on August 31 as the Geneva-based is going through a serious identity crisis. Some of the key candidates to take the helm of the World Trade Organization are, Jesus Seade Kuri from Mexico, Ngozi Okonjo-Iweala from Nigeria and Abdel-Hamid Mamdouh from Egypt
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'Drop in global trade to be worse than 2008 crisis
The World Trade Organization (WTO) is predicting a severe decline in international commerce this year. The wide range of possibilities reflects the uncertainties about the health crisis. The report says that the growth in global trade had already stalled towards the end of last year. Mr Azevedo from WTO said trade would be an important ingredient in the economic recovery after the crisis.
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Coronavirus update: $5 trillion lost as markets spiral
With the recent cancellation of the Geneva car exhibition, the uncertainty and panic caused by fears of a coronavirus pandemic has lost world share markets up to 5 trillion USD as new cases continue to be detected, with three more countries recording their first coronavirus cases and China's death toll at more than 2800, with 78,800 recorded cases, while the international death toll stands at 70, with 4200 infected.
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Swiss President rejects Facebook's Libra cryptocurrency
Outgoing Swiss president and finance minister Ueli Maurer has rejected Facebook's Libra cryptocurrency as a failure, saying the project in its current form will not be supported by central banks. Facebook is seeking the Swiss government's approval for its cryptocurrency project with the Geneva-based Libra Association, which seeks to remedy the volatility of traditional cryptocurrency by tying it to real world assets such as bank deposits and government debt.
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