TODAY'S BUSINESS HEADLINES

ICTSI shortlisted for new Melbourne port project bidding

PSEi slides below 7,300-mark as profit-taking continues

OceanaGold marks start of commercial operations at Didipio mine

DOTC again defers bidding for MRT3 maintenance contract

AUB shares up on market debut amid high investor demand

World Bank picks health expert Jim Yong Kim as president

Jim Yong Kim, the US nominee for the next World Bank president, leaves the Finance Ministry after a meeting with Japanese Finance Minister Jun Azumi in Tokyo April 1, 2012. REUTERS/Issei Kato

InterAksyon.com means BUSINESS

WASHINGTON - The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington's grip on the job and leaving developing countries questioning the selection process.

Kim, 52, won the job over Nigeria's widely respected finance minister, Ngozi Okonjo-Iweala, with the support of Washington's allies in Western Europe, Japan, Canada and some emerging market economies, including Russia, Mexico and South Korea.

Unlike previous World Bank elections, the decision was not unanimous. "The final nominees received support from different member countries, which reflected the high caliber of the candidates," the Bank said in announcing its board's decision.

Kim, president of Dartmouth College, will assume his new post on July 1 after the Bank's current president, Robert Zoellick, steps down.

The United States has held the presidency since the World Bank's founding after World War Two, while a European has always led its sister institution, the International Monetary Fund.

Unlike previous heads of the World Bank, Kim is not a politician, a banker or diplomat. He is a trained physician and anthropologist who has worked to bring health care to the poor in developing countries, whether fighting tuberculosis in Haiti and Peru or tackling HIV/AIDS in Russian prisons.

There had been a three-way contest for the presidency of the poverty-fighting institution until Friday when former Colombian finance minister Jose Antonio Ocampo withdrew. He said the process, which was meant to be based solely on credentials, had become highly political.

South African Finance Minister Pravin Gordhan welcomed the fact that non-Americans competed for the post for the first time, but also said there were concerns the process was not fully merit-based.

"I think we are going to find that the process falls short of that," Gordhan told the Foreign Correspondent's Association in South Africa, adding that there were also "serious concerns" the decision was made without full transparency.

 

InterAksyon.com means BUSINESS

BUSINESS NEWS  
OTHER BUSINESS STORIES  
OTHER WORLD STORIES  

Business ICTSI shortlisted for new Melbourne port project bidding
Business PSEi slides below 7,300-mark as profit-taking continues
Business OceanaGold marks start of commercial operations at Didipio mine
Business DOTC again defers bidding for MRT3 maintenance contract
Business AUB shares up on market debut amid high investor demand
National | Business EXCLUSIVE | Zest Air suspends flights to Taiwan
Business | National BIG WINNERS IN 2013 ELECTIONS | Networks GMA, ABS-CBN report advertising windfall
Business MINDANAO POWER CRISIS | US aid sought in sprucing up relic of Fil-Am relations
Business SEC warns public against new pyramiding scam
Business Real estate exposure of banks not yet worrisome, Tetangco says
Business Asean, 6 trade partners begin talks for FTA to rival US-led trans-Pacific initiative
Business DOF to push for higher public float requirement on listed firms
Business | National PNoy needs sweep of mid-term elections to avert 'lame duck' presidency, NY-based think tank says