. Energy News .




.
POLITICAL ECONOMY
China media calls for democracy at World Bank
by Staff Writers
Beijing (AFP) Feb 22, 2012


China's state-run Xinhua news agency called Wednesday for democratic and transparent elections for the next World Bank president, saying the US strangle-hold over the job was outdated.

The World Bank announced last week it would select a new president to succeed Robert Zoellick by April 20, the start of the World Bank and the International Monetary Fund's spring meetings in Washington.

Zoellick said he would step down at the end of his five-year term on June 30, setting up a race for the top post at the development bank.

"If the new president of the World Bank is indeed selected through a fair and democratic election, it will free the agency from a seven-decade-old tradition that saw the World Bank's president as a US citizen," Xinhua said in an unsigned commentary.

"Only a real 'transparent, open and fair' selection for the World Bank president will result in the installation of a visionary leader with merit, a leader who can push forward reforms and reduce poverty without ideological bias.

"The mentality that the World Bank's president must be of US origin has lost its legitimacy because of changes in global political and economic order, as well as the changing roles of the organization itself."

It was unclear if the commentary fully reflected the wishes of China's communist government, which does not allow open democratic elections for its government officials.

Last week, the government said it hoped the next head of the World Bank would be selected on "merit."

"China hopes that the World Bank will select the next president based on the principles of openness, competition and merit," foreign ministry spokesman Liu Weimin told reporters.

Liu would not be drawn on whether China would prefer a non-American to lead the global lender, unlike Brazil, which has already urged the World Bank to give proper consideration to developing country candidates.

According to the bank, nominations will be accepted until March 23 and candidates must be members of the Bank's 187 member countries.

Thanks to an unwritten pact between European powers and the United States dating to 1945, all 11 Bank presidents have been Americans and all IMF managing directors have come from Europe.

Related Links
The Economy




.
.
Get Our Free Newsletters Via Email
...
Buy Advertising Editorial Enquiries


China manufacturing activity weakens in Feb: HSBC
Beijing (AFP) Feb 22, 2012 - China's manufacturing activity continued to contract in February as export orders weakened, HSBC said Wednesday, in a further sign that the eurozone crisis and US weakness are hurting demand.

HSBC's preliminary purchasing managers index rose to 49.7, the highest level in four months, from a final reading of 48.8 in January, the British banking giant said in a statement.

But while the figure marked an improvement it still remained below 50, indicating the sector is contracting. HSBC will release a final reading early next month.

"With a meaningful rebound of domestic demand not in sight, external weakness is starting to bite, adding more downside risks to growth," HSBC Chief Economist Qu Hongbin said.

Qu urged the government to step up efforts to ease credit restrictions, which would boost lending and spur activity in the export-driven economy.

On Saturday, China's central bank cut the reserve requirement ratio for banks, effectively increasing the amount of money they can lend, for the second time in three months as officials moved cautiously to open the credit valves.

The world's second largest economy expanded by an annual 9.2 percent last year, narrowing from 10.4 percent in 2010, and is widely expected to slow further this year, but most analysts do not expect to see a sharp reduction.

Beijing has pledged to "pre-emptively adjust and fine-tune" economic policy to prevent a hard landing that could trigger widespread job losses in the key manufacturing sector and trigger social unrest.

But policymakers will likely move slowly for fear of reigniting inflation, which reached a more than three-year high of 6.5 percent in July, and property prices, which have risen out of the reach of many ordinary Chinese.



.

. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle



POLITICAL ECONOMY
Walker's World: Is this recovery?
Paris (UPI) Feb 20, 2012
America is hiring again, unemployment figures are dropping and the Dow Jones industrial average flirts with pre-crisis highs. An unexpected retail boomlet heartens Britain as inflation tumbles. And against all expectation, the French economy grew in the last quarter. Is this the long-awaited recovery? Have business people finally rediscovered what Keynes called their "animal spirits?" I ... read more


POLITICAL ECONOMY
Plant toughness: Key to cracking biofuels?

Maize hybrid looks promising for biofuel

Man-made photosynthesis to revolutionise food and energy production

Taking biofuel from forest to highway

POLITICAL ECONOMY
Italian engineer invents floating solar panels

'Printed' solar cells a low-cost solution?

Silicon Energy's New Minnesota Solar Plant Shines

SEIA Statement on President Obama's FY2013 Budget Request

POLITICAL ECONOMY
Golden eagles found dead at wind farm

Japan firms plan wind farm near Fukushima: report

New EU wind power capacity near level

POLITICAL ECONOMY
Anonymous says power grid not a target

Bulgaria to resume electricity exports early Tuesday

Adept Technology Receives Order From International Equipment OEM

U.S. Grid Energy Storage Market is Strong and Poised for Exponential Growth

POLITICAL ECONOMY
Ecuador court rejects Chevron arbitration ruling

Caspian gas consortium picks TAP pipeline

South Sudan expels Chinese head of main oil firm

Stanford scientist to discuss the challenges of carbon sequestration at AAAS

POLITICAL ECONOMY
Hubble Reveals a New Class of Extrasolar Planet

US scientists discover new 'waterworld' planet

Scattered Light Could Reveal Alien Atmospheres

Searching for Planets in Clouds of Dust

POLITICAL ECONOMY
Taiwan to arm subs with US missiles: report

Boeing Receives Additional SSEE Increment F Order from US Navy

Taiwan's navy to push submarine bid: report

Antony witnesses Indian Navy's battle readiness exercise

POLITICAL ECONOMY
Rock Studies Continue for Opportunity

ISS may become Martian flight simulator

Honeycombs and Hexacopters Help Tell Story of Mars

Martian Carbon Dioxide Clouds Tied To Atmospheric Gravity Waves


Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

.

The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement