Nobel Winner Urges Defeat Of Poverty

from CBS News

Six Americans, Turkish Writer Join Bangladeshi Peace Prize Winner In 2006 Nobel Ceremonies

Bangladeshi economist Muhammad Yunus, often called the banker to the poor, received the Nobel Peace Prize on Sunday for his efforts to relieve poverty as a cornerstone for building peace.

Six American scientists and a Turkish writer charged with insulting his country also received the prestigious Nobel Prizes on Sunday with pomp and royal splendor.

Honored in the twin award ceremonies in Stockholm, Sweden, and Oslo, Norway, were findings that cemented the big-bang theory of the universe, broke new ground in genetic research and explored the relationship between inflation and unemployment.

Yunus, 66, often called the banker to the poor, shared the coveted award with his creation, Grameen Bank, for helping people, even beggars, rise above poverty by giving them microcredit — small, usually unsecured loans. The Bangladeshi economist is the developer and founder of the concept of microcredit.

The first Nobel laureate from Bangladesh, Yunus and Grameen Bank bard member Mosammat Taslima Begum accepted the $1.4 million prize from awards committee chairman Ole Danbolt Mjoes at a ceremony in Oslo.