The World Bank has approved a $700 million credit through the International Development Association (IDA) for Ethiopia’s Financial Sector Strengthening Project (FSSP). This initiative aims to modernize and stabilize Ethiopia’s financial system, addressing outdated regulatory frameworks and struggling institutions. Key actions include enhancing the National Bank of Ethiopia’s regulatory framework, restructuring the Commercial Bank of Ethiopia and the Development Bank of Ethiopia, and transforming the latter into a sustainable development finance institution. The project will also focus on capacity-building to improve financial accessibility and resilience. Maryam Salim, World Bank Country Director, highlighted the project’s role in promoting economic stability and inclusive growth. IDA’s support underscores its commitment to driving economic transformation and reducing poverty in low-income countries like Ethiopia, ultimately fostering a more robust and inclusive financial ecosystem.

U.S. stocks rebounded on Friday, mitigating what would have been one of the market’s worst weeks. The S&P 500 surged 1.1%, trimming its weekly loss to 2%, while the Dow Jones Industrial Average gained 498 points (1.2%) and the Nasdaq rose 1%. The rally was fueled by better-than-expected inflation data, easing concerns about Federal Reserve rate cuts. Big Tech stocks, including Nvidia, led gains. However, diminished hopes for multiple rate cuts next year and political uncertainty weighed on investor sentiment. U.S. Steel and Novo Nordisk were among the few decliners. Overall, nine out of ten S&P 500 stocks advanced, with cruise lines seeing significant gains. Treasury yields eased, and foreign markets mostly declined modestly.

Several prominent law firms have recently expanded their teams with key hires and promotions. Notable additions include Brian Sweet at Pryor Cashman, Ian Sterling at Hunton Andrews Kurth, and Friedrich Laub at Armstrong Teasdale. Fried Frank bolstered its tax practice with Todd Pollock, while Cozen O'Connor added real estate litigator Christopher Cobb. Morrison Foerster welcomed Peter Fusco, Jae Zhou, and Frank Paz to its emerging companies group. Sherry Sandler joined Meltzer, Lippe as a partner, and Lowenstein Sandler hired Daniel Forman and Matthew Friedenberg. Other significant moves involve Nicholas Scott at Locke Lord, Marcio Mello Silva Baptista at Buchanan Ingersoll & Rooney, and Brian Tompkins at Foley & Lardner. Additionally, numerous partners and counsel were promoted across firms like Jones Day, Olshan Frome Wolosky, Morrison Cohen, Faegre Drinker, Simpson Thacher, Herrick Feinstein, Sidley, ArentFox Schiff, Eversheds Sutherland, and Glenn Agre Bergman & Fuentes. These changes reflect strategic growth in various legal practices.