The World Bank's 25-member executive board on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, effective June 2.
The Indian-born finance and development expert will be tasked with revamping the lender to tackle climate change and other global crises.
Banga, 63, was nominated for the post by US President Joe Biden in late February and was the sole contender to replace departing World Bank chief David Malpass, an economist and former US Treasury official during the Trump administration.
"Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President," Biden said in a statement.
"Ajay will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires," he added.
North Korea said its attempt to launch a new military reconnaissance satellite ended in failure on Monday when a newly developed rocket engine exploded in flight.
An Israeli airstrike triggered a massive blaze killing 45 people in a tent camp in the Gaza city of Rafah, officials said on Monday, prompting an outcry from global leaders who urged the implementation of a World Court ruling to halt Israel's assault.
More than 2,000 people could be buried alive by a massive landslide in Papua New Guinea last week, the government said on Monday, as treacherous terrain and the difficulty of getting aid to the site raises the risk few survivors will be found.
Powerful storms killed at least 18 people, injured hundreds and left a wide trail of destruction across Texas, Oklahoma and Arkansas after obliterating homes and destroying a truck stop where dozens sought shelter in a restroom during the latest deadly weather to strike the central US.
Strong winds and heavy rain pounded the coastal regions of Bangladesh and India as severe cyclone Remal made landfall on Sunday, leaving millions without electricity after power poles fell and trees were uprooted by gusty winds.
Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.
Dubai Duty Free executive vice chairman and CEO, Colm McLoughlin, announced that he will be stepping down from his role after 55 years in the travel retail industry and 41 years of leadership at Dubai Duty Free. Colm joined the Business Breakfast to reflect on his epic career.
78% of AI users are now bringing their own AI tools to work, but what does this mean for employers? Zubin Chagpar, Senior Director and Business Group Leader, Modern Work and Surface Devices, Microsoft CEMA tells us more.