Major Chinese banks to skip World Bank, IMF talks in Japan as a protest over Territorial Dispute

Major Chinese banks will skip World Bank and International Monetary Fund meetings this week in Japan, China's state media said, in apparent protest over a territorial dispute between the two countries.

Map courtesy LNG World News

China and Japan are locked in a festering row over East China Sea islands that has seen the two sides trade insults, touched off protests in China, and hurt Japanese firms doing business in the Chinese market.

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Four state-owned banks -- the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agriculture Bank of China -- will not attend the meetings, Xinhua news agency reported late on Monday.

Read details: Business Recorder

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Pakistan awarded contract for Software development lab by World Bank

In a move that would help spur the already booming development of IT content, Pakistan has beaten off competition from regional countries to bag World Bank’s contract for setting up a research lab for mobile software development including apps.

Well informed official told the Express Tribune that World Bank approved $380,000 in grants to Pakistan in November 2011 for a two-year project, mLab South Asia, to be set up in Lahore.

World Bank’s division InfoDev planned to establish five mobile software development research labs across the world including one in the Saarc region, the official said. India and Sri Lanka were also shortlisted for the region but Pakistan was picked as the final destination.

Read details: The Express Tribune

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US health expert chosen as the new president of the World Bank

US nominee Jim Yong Kim has been chosen as the new president of the World Bank. The Korean-American health expert is president of Dartmouth College in the US state of New Hampshire.

Aged 52, Jim Yong Kim is a doctor lauded for his pioneering role in treating HIV/Aids and reducing the impact of tuberculosis in the developing world.

He faced a strong challenge for the post, which has traditionally gone to an American, from Nigerian Finance Minister Ngozi Okonjo-Iweala.

Dr Kim will succeed Robert Zoellick, serving a five-year term beginning on 1 July, the World Bank said in a statement.

Read details: BBC News

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