This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-17481973

The article has changed 18 times. There is an RSS feed of changes available.

Version 6 Version 7
World Bank candidates due as deadline approaches US to name surprise World Bank candidate Jim Yong Kim
(40 minutes later)
Candidates to be the next president of the World Bank are being announced as the deadline for nominees approaches. President Obama is set to nominate Korean-born US academic Jim Yong Kim to be the next president of the World Bank, according to reports.
In a surprise choice, President Obama is set to nominate Dartmouth College president Jim Yong Kim, according to the Associated Press news agency. The nomination of the Dartmouth College President, a doctor and former director of the HIV/Aids department at the World Health Organization, is a surprise.
Three African countries have endorsed the nomination of Nigerian Finance Minister Ngozi Okonjo-Iweala.Three African countries have endorsed the nomination of Nigerian Finance Minister Ngozi Okonjo-Iweala.
A US citizen has always held the position since the World Bank was founded in 1944. The US has always held the post since the World Bank was founded in 1944.
But there is pressure for the next head to be from a developing nation.But there is pressure for the next head to be from a developing nation.
The deadline for nominations to replace Robert Zoellick is 18:00 Washington time (22:00 GMT) on Friday.The deadline for nominations to replace Robert Zoellick is 18:00 Washington time (22:00 GMT) on Friday.
US development economist Jeffrey Sachs has been nominated by smaller developing countries, such as Bhutan, East Timor, Haiti, Kenya, Guatemala and Chile, but he acknowledges that he does not have President Obama's support. International experience
Prof Sachs argues that the World Bank should be led by a development expert. Dr Kim, 52, had not been among the names rumoured to be under consideration by President Obama, which included former White House adviser Larry Summers, Pepsi head Indra Nooyi, and UN ambassador Susan Rice.
Former Colombian finance minister, Jose Antonio Ocampo, now looks unlikely to be nominated after Colombia's current finance minister, Juan Carlos Echeverry, said on Thursday that the country was instead focusing on a bid for the presidency of the International Labour Organization. Dr Kim is a leading figure in global health. As well as his work at the WHO, he co-founded the health organisation Partners in Health in 1987.
Mr Ocampo had agreed to stand and had the backing of Brazil, but also needed Colombia's support. Born in Seoul, he moved with his family to the US at the age of five.
Strong contest Reports suggest that officials believe his international experience will help counter criticism from developing countries about the US continuing to hold the top job at the World Bank.
Selecting the World Bank president is a task for the organisation's board, which is made up of 25 representatives of the member countries.Selecting the World Bank president is a task for the organisation's board, which is made up of 25 representatives of the member countries.
Some of them have their own seats - the US and UK, for example. Others are grouped into constituencies.Some of them have their own seats - the US and UK, for example. Others are grouped into constituencies.
The aim is to choose a new president by consensus, but if that proves impossible, a simple majority will do. Votes in the World Bank - and in the IMF too - are weighted by financial contribution.The aim is to choose a new president by consensus, but if that proves impossible, a simple majority will do. Votes in the World Bank - and in the IMF too - are weighted by financial contribution.
The US alone has nearly 16% of the vote. EU countries have a further 29%. They are likely to support a US-nominated candidate, in order to preserve the long-standing informal deal which has seen the World Bank run by an American and the IMF by a European.The US alone has nearly 16% of the vote. EU countries have a further 29%. They are likely to support a US-nominated candidate, in order to preserve the long-standing informal deal which has seen the World Bank run by an American and the IMF by a European.
Mathematically it wouldn't be impossible to beat an American candidate, but it would be a huge challenge in practice.Mathematically it wouldn't be impossible to beat an American candidate, but it would be a huge challenge in practice.
US development economist Jeffrey Sachs has been nominated by smaller developing countries, such as Bhutan, East Timor, Haiti, Kenya, Guatemala and Chile.
Prof Sachs argues that the World Bank should be led by a development expert.
Former Colombian finance minister, Jose Antonio Ocampo, now looks unlikely to be nominated after Colombia's current finance minister, Juan Carlos Echeverry, said on Thursday that the country was instead focusing on a bid for the presidency of the International Labour Organization.
Mr Ocampo had agreed to stand and had the backing of Brazil, but also needed Colombia's support.
Strong contest
In a joint statement, Angola, Nigeria and South Africa pledged their support to Ms Okonjo-Iweala.In a joint statement, Angola, Nigeria and South Africa pledged their support to Ms Okonjo-Iweala.
"The endorsement is in line with the belief that the appointment of the leadership of the World Bank and its sister institution, the International Monetary Fund, should be merit-based, open and transparent," the statement said."The endorsement is in line with the belief that the appointment of the leadership of the World Bank and its sister institution, the International Monetary Fund, should be merit-based, open and transparent," the statement said.
Speaking at a news conference, Mrs Okonjo-Iweala said: "I consider the World Bank a very important institution for the world, and particularly for developing countries deserving of the best leadership, so I look forward to a contest of very strong candidates.Speaking at a news conference, Mrs Okonjo-Iweala said: "I consider the World Bank a very important institution for the world, and particularly for developing countries deserving of the best leadership, so I look forward to a contest of very strong candidates.
"And am I confident? Absolutely.""And am I confident? Absolutely."
But with the US holding the most votes at the World Bank, which has 187 members, the vote on the next president should be a formality.But with the US holding the most votes at the World Bank, which has 187 members, the vote on the next president should be a formality.
Calls to end 'monopoly'Calls to end 'monopoly'
The World Bank and the International Monetary Fund were created at the conference at Bretton Woods in 1944 as a means to regulate trade between nations in the aftermath of the Great Depression and World War II.The World Bank and the International Monetary Fund were created at the conference at Bretton Woods in 1944 as a means to regulate trade between nations in the aftermath of the Great Depression and World War II.
A US national traditionally heads the World Bank while a European runs the IMF - currently France's Christine Lagarde.A US national traditionally heads the World Bank while a European runs the IMF - currently France's Christine Lagarde.
But emerging economies have become increasingly unhappy with this arrangement and are pushing for change.But emerging economies have become increasingly unhappy with this arrangement and are pushing for change.
In a recent editorial, three former chief economists of the World Bank - Francois Bourguignon, Nicholas Stern and Joseph Stiglitz - argued for an end to the US "monopoly" on running the institution.In a recent editorial, three former chief economists of the World Bank - Francois Bourguignon, Nicholas Stern and Joseph Stiglitz - argued for an end to the US "monopoly" on running the institution.
"To say it is merit-based, and to choose an American repeatedly, shows scant respect to the citizens of other countries," they wrote."To say it is merit-based, and to choose an American repeatedly, shows scant respect to the citizens of other countries," they wrote.
Fredrik Erixon, a former World Bank economist, told the BBC that the selection process was "anachronistic" but he still expected the White House nominee to be the successful candidate.Fredrik Erixon, a former World Bank economist, told the BBC that the selection process was "anachronistic" but he still expected the White House nominee to be the successful candidate.
The current president, Robert Zoellick, is to step down from his role at the institution when his five-year term comes to an end on 30 June.The current president, Robert Zoellick, is to step down from his role at the institution when his five-year term comes to an end on 30 June.
Mr Zoellick, 58, was nominated for the role in 2007 by George W Bush.Mr Zoellick, 58, was nominated for the role in 2007 by George W Bush.