World Bank President Robert Zoellick said that he would resign from his position in the world financial institutions in June. Empty position of President of the World Bank representatives to make Washington eyeing the position. Indeed, the World Bank president traditionally always held by nationals of the United States, as well as the usual position of Director of the IMF held by European nationals. Developing countries have voiced a desire to have a greater role in world financial institutions such as IMF and World Bank. At the turn of the last IMF helm several candidates emerging from developing countries, and seems to position this Zoellick Developing countries are also interested. Although the U.S. Treasury Secretary Timothy Geithner said that the election of the President of the World Bank will be open, but it seems the pressure from Congress will ultimately ensure that the presidency remains held by U.S. nationals. The role of the U.S. Congress in the financing of World Bank operations can not be ignored. (more…)

Four months after the biggest scandal of Japan companies, police and prosecutors on Thursday arrested seven people, including former president of Olympus Corp. and a former banker for his role in accounting fraud at the company’s $ 1.7 billion and the camera maker’s medical equipment. Tokyo prosecutors arrested the former Olympus executive, including former president Tsuyoshi Kikukawa, former executive vice president Hisashi Mori, Hideo Yamada and former auditor for alleged violation of the Financial Instruments and Exchange Law. (more…)

The South African government has launched a new banknote featuring a picture of former President Nelson Mandela. South Africa issued a new paper currency that contains a picture of former President Nelson Mandela. This was announced by President Jacob Zuma when commemorating the 22nd anniversary of the release of Mandela from prison after being convicted for thirty years for opposing the apartheid regime run by the white minority. (more…)

Bill Gates Foundation announced a global initiative amounting to 785 million dollars that has not been done to eradicate 10 Neglected Tropical Diseases (NTD) by 2020. Bill Gates Foundation announced a global initiative amounting to 785 million dollars that has not been done to eradicate 10 Neglected Tropical Diseases (NTD) by 2020. (more…)

Mexican drug cartel give 4.5 million dollars as political support for a governor of the state of Mexico at the border. Officials of the U.S. anti-drug agency said it had evidence that Mexican drug cartel leaders gave 4.5 million dollars as political support for a governor in the border states of Mexico and the former leaders of the ruling party of Mexico. (more…)

Widespread fire in the streets of Athens on Friday, while Molotov cocktails, tear gas canisters and rocks flying through the air. Anger is over new demands of the European Union, together with a number of other austerity measures, sparking protests and clashes in Greece, as well as the political conflict against Germany. Widespread fire in the streets of Athens on Friday, while Molotov cocktails, tear gas canisters and rocks flying through the air. Meanwhile, angry protesters clashed with riot police. (more…)