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The Nordic Times

Polaris of Enlightenment

The Nordic Times

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https://nordictimes.com/economy/world-bank-chief-calls-on-rich-countries-to-raise-hundreds-of-billions-for-africa/

Economy

World Bank chief calls on “rich” countries to raise hundreds of billions for Africa

Published May 4, 2024 – By Editorial staff
Ajay Banga says Africa can prosper in the future - if it gets help now.
2 minute read
Editorial staff
editorial@nordictimes.com

World Bank chief Ajay Banga announces that he expects "rich" countries - mainly in the West - to help raise at least $120 billion for the Bank's own IDA, which offers concessional and long-term loans to developing countries.

– If Africa develops well, it has much to offer the world.

– There is no doubt that all donor countries have their own challenges and fiscal responsibilities. But I think they all appreciate the impact of contributing to the IDA, Banga said in an interview this week.

Banga expects donor leaders to respond to a call from African leaders to make record contributions to programs that offer loans and credits at significantly lower interest rates than the market average, with the aim of promoting long-term development and growth. The contributions should not be seen as handouts but as investments in the future, he said.

African leaders on Monday called on "rich" countries to collectively raise at least $120 billion at a conference in Japan at the end of the year. That would be a new record for the IDA, which typically offers very long-term loans to African countries and will have disbursed $93 billion by 2021.

Points to vested interest

The target of $120 billion means that donors will have to come up with about $30 billion, since the World Bank itself is willing to lend $3 for every $1 raised.

African countries account for more than half of the 75 countries benefiting from IDA funds. Many of them are heavily indebted and face major problems of natural disasters and poverty - while new loans have proved difficult to obtain on the international market.

Banga argues that there is a vested interest for rich countries to provide large grants, pointing out that China and India used to be recipients of IDA support, but are now significant global economies.

– If Africa develops well, Africa has a lot to offer the world.

Editorial staff
editorial@nordictimes.com

The World Bank Group is an association of five international organizations and the parent organization of the World Bank, which is also the collective name for the first two organizations, IBRD and IDA.

The five organizations are

The International Bank for Reconstruction and Development (IBRD)
International Development Association (IDA)
International Finance Corporation (IFC)
Multilateral Investment Guarantee Agency (MIGA)
International Centre for Settlement of Investment Disputes (ICSID)

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https://nordictimes.com/economy/one-in-eight-children-in-sweden-lives-in-poverty/

Economy

One in eight children in Sweden lives in poverty

Published today 10:17 am – By Editorial staff
1 minute read
Editorial staff
editorial@nordictimes.com

An increasing number of children in Sweden are living in poverty. New calculations from Save the Children Sweden show that 276,000 children are economically vulnerable – 100,000 more than previous measures had indicated. Over the past year, an additional 16,000 children have been added to this group.

The organization has developed a new method for measuring child poverty. Unlike the previous measure, which was based on the national norm for social assistance, the new calculation is based on the Swedish Consumer Agency's data on households' basic consumption.

— The trend is going in completely the wrong direction, says Samira Abutaleb Rosenlundh, expert at Save the Children Sweden, to publicly funded broadcaster SVT.

According to Save the Children Sweden, the national norm has been significantly eroded over recent decades, as it has only been adjusted based on the consumer price index. This has meant that it no longer reflects households' actual costs, particularly after the price increases of recent years.

When the organization instead uses the Swedish Consumer Agency's calculations, a considerably darker picture emerges. The results show that one in eight children in Sweden lives in a household that cannot afford to cover its basic needs.

The report is based on income statistics from Statistics Sweden and includes households with children aged 0–17 years.

Editorial staff
editorial@nordictimes.com

https://nordictimes.com/economy/sweden-and-china-agree-on-grain-export-deal/

Economy

Sweden and China agree on grain export deal

Published November 14, 2025 – By Editorial staff
1 minute read
Editorial staff
editorial@nordictimes.com

Swedish Minister for Rural Affairs Peter Kullgren signed protocols during a visit to China that enable Swedish exports of oats and malt to the Chinese market. The agreement was reached during a delegation to the country from November 4-7, which also included representatives from the Swedish food industry.

China is Sweden's largest export market in Asia and is considered an important trading partner. The new export protocols establish the requirements that Sweden must meet to be able to export oats and malt to the country.

According to the Swedish government, the regulations include criteria for control, packaging, and inspection for exports to China.

— Increased exports are an important part of our efforts to increase food production. Therefore, today's signing of the export protocols for oats and malt is a welcome step in the right direction, said Kullgren in a press release.

Lantmännen's Deputy CEO Per Arfvidsson, who also participated in the trip, welcomed the decision and highlighted the importance of exports for increasing domestic food production. Lantmännen is a major Swedish agricultural cooperative.

— Increased exports are crucial for us to be able to increase food production in Sweden. For agriculture to grow, functioning markets are needed both at home and abroad. Sweden's opening for exports of oats and malt to China is an important step and demonstrates the potential that exists for Swedish raw materials and food products, said Arfvidsson.

Editorial staff
editorial@nordictimes.com

https://nordictimes.com/economy/record-layoffs-as-ai-takes-over-jobs-in-the-us/

Economy

Record layoffs as AI takes over jobs in the US

The future of AI

Published November 10, 2025 – By Editorial staff
2 minute read
Editorial staff
editorial@nordictimes.com

In October, American companies announced over 153,000 layoffs, the highest figure for the month in over 20 years. The increased use of AI technology is identified as a key factor behind the extensive workforce reductions.

The American outplacement firm Challenger, Gray & Christmas reports that October 2025 became a record month for layoffs with over 153,000 jobs eliminated, nearly three times more than the same month the previous year.

The technology and warehouse sectors are hit hardest, where AI combined with weaker demand and increased costs contributes to the cutbacks.

– Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes, says Andy Challenger, chief revenue officer at Challenger, Gray & Christmas.

He also warns that those now losing their jobs will find it harder to quickly secure new employment, which could further weaken the labor market.

Extensive cutbacks at major companies

Companies such as Target, Amazon, Paramount Skydance, Starbucks, Delta Air Lines, CarMax, Rivian, and Molson Coors have collectively eliminated tens of thousands of positions.

For example, Amazon recently laid off 14,000 employees and Target approximately 1,800. Several companies cite automation as a factor, as well as the need to reduce middle management positions.

UPS has also increased its planned workforce reductions by 70 percent to 34,000 people, stating that higher productivity thanks to automation makes this possible.

In total, over one million jobs have been eliminated in the US so far this year. Plans for new hires are at their lowest since 2011, and many analysts expect a weaker labor market during 2025.

–It’s possible with rate cuts and a strong showing in November, companies may make a late season push for employees, but at this point, we do not expect a strong seasonal hiring environment in 2025, says Challenger in his report.

Government shutdown complicates matters

Additionally, it has been difficult to assess the US labor market's development due to the federal government shutdown in the country – which has now become the longest ever.

Official economic statistics have not been released since early October, including the Department of Labor's closely watched employment report, which includes unemployment figures and monthly wage development data.

Federal Reserve Chair Jerome Powell noted during a press conference in October that private data cannot replace government figures, which are widely regarded as the gold standard for measuring the world's largest economy.

The continued absence of government figures may also negatively impact monetary policy and jeopardize future interest rate cuts in the US.

Editorial staff
editorial@nordictimes.com

https://nordictimes.com/economy/meta-earns-billions-from-fraudulent-ads/

Economy

Meta earns billions from fraudulent ads

Published November 7, 2025 – By Editorial staff
2 minute read
Editorial staff
editorial@nordictimes.com

Internal documents from Meta show that the company expected last year that ten percent of its revenue – $16 billion – would come from fraudulent ads. Instead of stopping suspected scammers, the tech giant often just charges higher prices for the ads.

The documents, reviewed by Reuters, reveal that Meta has failed for at least three years to stop an avalanche of ads that have exposed Facebook, Instagram, and WhatsApp users to fraudulent investment schemes, illegal online casinos, and sales of prohibited medical products.

Much of the fraud comes from marketers flagged by Meta's internal warning systems. But the company only bans advertisers if the probability of fraud is at least 95 percent. If the uncertainty is greater, Meta instead charges higher advertising prices as a "penalty fee" – the idea being to deter suspected advertisers.

In the United Kingdom, a regulatory authority found that Meta's products were involved in 54 percent of all payment-related fraud losses during 2023. In the United States, the Securities and Exchange Commission (SEC) is investigating Meta for fraudulent financial ads.

Fines smaller than revenue

Meta expects fines of up to $1 billion, according to an internal document. But these would be much smaller than the revenue from the fraudulent ads. Every six months, the company earns $3.5 billion just from ads that "present higher legal risk".

According to the documents, the company's leadership decided to only act in response to imminent regulatory actions – not voluntarily.

After a meeting with CEO Mark Zuckerberg in October 2024, Meta decided to gradually reduce the share of revenue from fraud from 10.1 percent in 2024 to 5.8 percent in 2027.

Meta spokesman Andy Stone says the documents "present a selective view that distorts Meta’s approach to fraud and scams". The estimate of 10.1 percent was "rough and overly inclusive" and included "many" legitimate ads, he says without providing an updated figure.

— Over the past 18 months, we have reduced user reports of scam ads globally by 58 percent, Stone says according to Reuters.

Editorial staff
editorial@nordictimes.com