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US faces deadline to nominate World Bank chief

The United States faced a deadline Friday to nominate a new World Bank chief, as strong candidates backed by emerging countries ramped up the pressure on Washington to name a high-profile figure. The White House has until 6:00 pm (2200 GMT) to nominate a candidate to succeed Robert Zoellick at…

Number of poor people in developing countries dropped to record low levels: study

The number of poor people in developing countries dropped to record low levels between 2005 and 2008, the World Bank said in a report out Wednesday. “This across-the-board reduction… marks a first since the bank began monitoring extreme poverty,” the global institution said. The study, based on some 850 household…

Africa losing out on billions in trade: World Bank

Africa is losing out on billions of dollars in potential earnings every year because of high trade barriers on the continent, the World Bank said Tuesday. “It is easier for Africa to trade with the rest of the world than with itself,” the World Bank said in releasing a new…

Venezuela rejects World Bank arbitration in dispute with ExxonMobil

CARACAS — Venezuela will not recognize any decisions by the World Bank’s arbitration forum, President Hugo Chavez said Sunday, digging his heels in over a multibillion-dollar dispute with ExxonMobil. “We have to get out of the ICSID,” Chavez said, referring to the International Center for Settlement of Investment Disputes. “We…

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