As World Bank officials continue their search to replace outgoing President Robert Zoellick, an executive director at the global lender is promising that the selection process will be transparent and merit-based. World Bank Executive Director Hekinus Manao acknowledged that many are frustrated at the bank’s custom of always picking an American as its president. But […]
World Bank: Choice of President Will Be “Merit-Based”
Posted March 6th, 2012 at 12:25 am (UTC-5)
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World Bank Protest Highlights China Reform Tension
Posted February 28th, 2012 at 3:00 pm (UTC-5)
Dissension over proposed economic reforms in China burst into the open Tuesday when a lone protester disrupted a press conference by World Bank President Robert Zoellick in Beijing. Zoellick, who is in China to explain a new report by the bank calling for structural economic reforms in the country, just started talking when Du Jianguo […]
Protester Takes Aim at Zoellick, Chinese Economic Reform Plan
Posted February 28th, 2012 at 1:05 am (UTC-5)
Dissension over proposed economic reforms in China burst into the open Tuesday when an angry demonstrator disrupted a press conference by World Bank President Robert Zoellick. Zoellick is in Beijing for the release of a major study by the bank and Chinese government experts that calls for China to scale back the role of its […]
World Bank Study Urges Chinese Market Reforms
Posted February 27th, 2012 at 3:30 am (UTC-5)
A new report says China’s rapid economic growth is unsustainable unless the country makes major free-market reforms. World Bank President Robert Zoellick released an executive summary of the report, which was jointly prepared by World Bank and Chinese experts. Zoellick said Monday in Beijing that the study had the full support of top leaders including […]
World Bank Starts Formal Process of Seeking New President
Posted February 17th, 2012 at 4:35 pm (UTC-5)
Top World Bank officials say they intend to name a new president for the global lender by April. Current World Bank President Robert Zoellick is not seeking renomination when his term ends at the end of June, and must be replaced. Bank officials have praised the American economic expert for coping with a global food […]
World Bank Chief Zoellick to Leave in June
Posted February 15th, 2012 at 12:00 pm (UTC-5)
The president of the World Bank, American Robert Zoellick, says he will leave his post when his five-year term expires June 30. Zoellick announced his resignation Wednesday, saying that he was pleased that the Washington-based organization had expanded its programs during his tenure, lending $247 billion to developing countries to boost their economic growth and […]
US Charges Swiss Bank with Helping Americans Evade Taxes
Posted February 2nd, 2012 at 9:20 pm (UTC-5)
The U.S. Justice Department has indicted Switzerland’s oldest bank for allegedly helping customers hide more than $1.2 billion from U.S. tax collectors. U.S. authorities also seized more than $16 million in assets that the Wegelin bank holds in a U.S. account. The indictment charges Wegelin with soliciting customers from another Swiss bank, UBS, when that […]
Two US Banks Earned Billions in 2011
Posted January 17th, 2012 at 1:35 pm (UTC-5)
Two of the biggest banks in the U.S. say they earned billions of dollars in profits in 2011. Citigroup, the country’s third largest bank by assets, said Tuesday that it earned more than $11 billion last year, up more than 6 percent from 2010. But the New York-based international banking conglomerate reported that its profits […]
Swiss National Bank Chief Resigns Amid Trade Scandal
Posted January 9th, 2012 at 11:00 am (UTC-5)
The head of the Swiss National Bank has stepped down after a scandal involving a controversial currency trade made by his wife. In a statement, the bank said Philipp Hildebrand’s resignation takes effect immediately. Hildebrand on Thursday denied any wrongdoing, following media reports about alleged insider trading on a dollar trade his wife made in […]
World Bank to Send Up to $5.5 Billion to Pakistan
Posted December 22nd, 2011 at 7:10 pm (UTC-5)
The World Bank says it will send as much as $5.5 billion in financial aid to Pakistan over the next two years. A new bank report Thursday said the bank’s strategy to help Pakistan’s economy return to high sustained growth is consistent with Pakistani government priorities. The $5.5 billion will support Pakistan’s poverty reduction and […]
