Business
World Bank Warns Over 100 Countries Risk Middle-Income Trap Without Radical Growth Strategies

The World Bank has issued a stark warning that more than 100 countries, including South Africa, India, Brazil, and China, risk becoming stuck in a “middle-income trap” unless they adopt radical growth strategies for their economies.
The World Development Report 2024: The Middle Income Trap found that countries usually hit a “trap” at about 10% of annual US GDP per person, hindering their efforts to become high-income countries.
According to Senior Advisor Somik Lall, the prospect for these countries “is not promising”, with only 34 middle-income economies successfully transitioning to high-income status in the last 30 years. Middle-income countries face significant challenges, including rapidly aging populations, rising protectionism, and the need to speed up the energy transition.
The World Bank outlined a comprehensive roadmap to enable developing countries to escape the middle-income trap, involving a “3i strategy” of investment, infusion, and innovation. This sequenced approach allows countries to adopt policies tailored to their stage of development, from increasing investment to embracing global ideas and ultimately innovating to become global leaders.
Success depends on balancing creation, preservation, and destruction forces, with countries needing to embrace reforms and openness to achieve sustained growth. The report emphasizes that countries trying to spare their citizens from reform pains will miss out on growth gains.
Business
SpaceX Capsule Delivers Four Astronauts To International Space Station

In a remarkable crew-swap mission, a SpaceX capsule successfully docked at the International Space Station (ISS) on Sunday, delivering four astronauts and paving the way for the return of two stuck astronauts, Butch Wilmore and Sunita Williams, after nine months in orbit.
The Crew-10 astronauts’ SpaceX Crew Dragon capsule launched from NASA’s Kennedy Space Center in Florida on Friday at 7:03 p.m. ET and docked at the ISS approximately 29 hours later, at 12:04 a.m. ET (0404 GMT) on Sunday. The seven-member crew of the ISS, including Wilmore and Williams, welcomed the new arrivals.
Wilmore and Williams, veteran NASA astronauts and retired Navy test pilots, have been stranded on the ISS due to problems with Boeing’s Star-liner capsule. Their return to Earth is now imminent, with a scheduled departure on Wednesday at 4 a.m. ET (0800 GMT), alongside NASA astronaut Nick Hague and Russian cosmonaut Aleksandr Gorbunov.
The Crew-10 mission has been marked by controversy, with President Donald Trump and his adviser Elon Musk, also SpaceX’s CEO, urging a quicker launch and claiming that Trump’s predecessor, Joe Biden, had abandoned Wilmore and Williams on the station for political reasons.
Despite the politics, Wilmore and Williams have continued to conduct scientific research and routine maintenance on the ISS. Williams expressed her excitement about returning home to her family and two dogs, saying, “It’s been a roller coaster for them, probably a little bit more so than for us. “The Crew-10 crew, comprising NASA astronauts Anne McClain and Nichole Ayers, Japanese astronaut Takuya Onishi, and Russian cosmonaut Kirill Peskov, will spend approximately six months on the ISS.
Business
The Rising Tide of Cyber Threats: How to Protect Your Personal Devices and Prevent Financial Loss

In today’s interconnected world, cybercriminals are be-coming increasingly adept at exploiting vulnerabilities in personal devices to extract sensitive information from unsuspecting victims. As hacking attempts grow more sophisticated, experts are sounding the alarm on the importance of adopting robust security measures to safeguard personal devices and prevent devastating financial losses. The alarming rise in cybersecurity breaches has resulted in staggering financial losses, with the International Monetary Fund reporting that losses from cyber incidents have quadrupled since 2017. While the average loss hovers around $0.5 million, severe at-tacks can have catastrophic consequences, costing companies as much as $2.5 billion once every decade.
The sheer scale of these losses reiterates the urgent need for individuals and organizations to prioritize cybersecurity and protect their personal devices from the ever-evolving threats posed by cybercriminals. As the digital landscape continues to shift and vulnerabilities are exploited, it is crucial that we adopt a proactive approach to cybersecurity, rather than simply reacting to threats as they arise. Experts agree that a multi-layered approach to cybersecurity is essential, incorporating robust security measures, regular soft-ware updates, and a healthy dose of skepticism when interacting with online content.
One of the most critical steps in protecting personal devices is to ensure that all software and operating systems are up-to-date. In addition to regular updates, it is essential to adopt robust security measures, such as fire-walls, antivirus software, and encryption. These measures can help to prevent cybercriminals from gaining access to personal de-vices and extracting sensitive information. However, even with robust security measures in place, it is still possible for cybercriminals to exploit vulnerabilities in personal devices. This is why it is crucial to adopt a healthy dose of skepticism when interacting with online content. This includes being cautious when clicking on links or opening attachments from unknown sources, as well as being wary of phishing scams and other types of social engineering attacks.
As the digital landscape continues to evolve and cyber threats become increasingly sophisticated, it is clear that cybersecurity must be a top priority for individuals and organizations alike. By adopting a proactive approach to cybersecurity, incorporating robust security measures, regular software updates, and a healthy dose of skepticism, we can help to prevent devastating financial losses and protect our personal devices from the rising tide of cyber threats.”
Cybersecurity is no longer a luxury, it’s a necessity,” said Beckham Anderson, a leading cybersecurity expert. “As cyber threats continue to evolve, it’s essential that we stay one step ahead by adopting a multi-layered approach to cybersecurity. This includes regular software updates, robust security measures, and a healthy dose of skepticism when interacting with online content. “The rising tide of cyber threats poses a significant risk to individuals and organizations alike. However, by prioritizing cybersecurity and adopting a multi-layered approach to protecting personal devices, we can help to prevent devastating financial losses and safeguard our sensitive information. As the digital landscape continues to evolve, it is crucial that we remain vigilant and proactive in our approach to cybersecurity, ensuring that we are always one step ahead of the cybercriminals.
Business
Nigerian Banks’ Upgrade Chaos: A Call for Customer-Centric Solutions

Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
Read Also:
Oando PLC Makes Historic Acquisition Of Nigerian Agip Oil Company, Reshaping Nigeria’s Oil And Gas Landscape
Customer Reviews on “Diaspora Watch”
Amina Oluwatoyin, Lagos, Nigeria:
“Diaspora Watch is a vital source of information for Nigerians abroad. It connects us with home, highlighting issues and successes within our community. The articles are insightful and relevant, making it a must-read!”
Claire Dupont, Paris, France:
“Diaspora Watch offers a fresh perspective on African diaspora experiences. However, some articles lack depth. I hope for more thorough research and in-depth features in future issues.”
Li Wei, Beijing, China:
“Diaspora Watch provides a unique lens on the challenges and triumphs of Africans abroad. It’s a great resource for understanding the diverse narratives of our diaspora.”
Grace Aidoo, Accra, Ghana:
“Diaspora Watch bridges the gap between home and abroad, especially with its focus on community initiatives. It’s my go-to for news that matters to Ghanaians abroad.”
FREE Digital View:
https://diasporawatch.com/diaspora-watch-20th-edition-october-14-20-2024-your-trusted-source-for-global-news-and-insights/
Print on Demand: https://www.magcloud.com/browse/issue/2918067?__r=1069759
SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch-newspaper/