Five things to know to start your Friday

The World Bank raised a record $100 billion for aid to the poorest countries

The World Bank received pledges to deploy a record $100 billion through its unit focused on low-interest loans and grants to the poorest nations.

According to a bank statement, the total funding for the International Development Association—a bank unit that needs to gather money every few years—comes from new donor country pledges of $24 billion.

This funding total results from World Bank President Ajay Banga’s year-long push to beat the previous funding record of $93 billion, which was previously built from $23.5 billion in donations back in 2021.

Trump picked David Perdue as ambassador to China, David sacks to lead AI and crypto

U.S. President-elect Donald Trump has chosen David Perdue, a former senator, to be the ambassador to China. Perdue brings both political and business experience to a role that will help manage relations between the two countries, which are currently marked by deep distrust and trade conflicts.

Trump, who is set to take office on January 20, 2025, has made it clear he will impose a 10% tariff on Chinese goods unless China does more to stop the illegal trafficking of fentanyl, a highly addictive drug. During his campaign, he even suggested tariffs as high as 60% on Chinese products.

Perdue, a Republican from Georgia who served in the Senate from 2015 to 2021, has extensive international business experience, including living in Hong Kong during his 40-year career as a business executive.

In another significant appointment, Trump named David Sacks, the former Chief Operating Officer of PayPal, as his “White House A.I. & Crypto Czar.” In a post on his social media platform Truth Social, Trump said Sacks would work on creating a legal framework to provide clarity for the cryptocurrency industry.

South Korea’s ruling party leader said President Yoon should be suspended as soon as possible

The leader of South Korea’s ruling party said on Friday that President Yoon Suk Yeol should be removed from power for attempting to impose martial law, though he did not directly call for impeachment.

The main opposition party has planned an impeachment vote for Saturday evening. Meanwhile, national police have started an investigation into Yoon based on claims of insurrection filed by opposition members and activists.

Initially, the ruling party opposed impeachment. However, Han Dong-hoon, the party leader, suggested their position might be changing after “credible evidence” emerged that Yoon had planned to arrest and detain political leaders in Gwacheon, a city near Seoul.

“Yesterday, I tried to prevent impeachment to avoid causing chaos for the people and supporters,” Han said. “But now, I believe President Yoon Suk Yeol must be immediately suspended from office to protect the Republic of Korea and its people, given the newly revealed facts.”

Read Also: South Korean president reverses martial law after lawmakers defy him

Cocoa prices have risen to N15million per tonne

The Cocoa Research Institute of Nigeria in Ibadan has reported a dramatic increase in cocoa prices. The cost of cocoa has skyrocketed to 15 million naira per tonne, a massive jump from 1.8 million naira in January 2024.

Patrick Adebola, the institute’s Executive Director, shared this news during a press conference marking the organisation’s 60th anniversary. The event also coincided with the 18th edition of the Research Institutes Games of Nigeria, held at the institute’s conference hall in Idi-Ayunre, Ibadan.

Adebola explained the sudden price surge, pointing to a disease outbreak in Cote d’Ivoire and Ghana, the world’s leading cocoa producers. According to him, this health crisis has resulted in approximately 40% crop loss in these two countries.

Elon Musk is now America’s biggest political donor

Elon Musk made a massive financial impact on the 2024 election by donating at least $274 million to political groups. His spending has been so significant that he has earned the title of the most prolific donor in this election cycle, with contributions that supported Donald Trump’s presidential campaign.

Musk’s political spending far outpaces other major donors. For comparison, Timothy Mellon, the second-biggest donor, has contributed $197 million, primarily to Republican candidates, according to tracking by OpenSecrets.