US administration hawk Wolfowitz heads for World Bank
Washington: US President George W Bush has nominated Deputy Defence Secretary Paul Wolfowitz to take over as head of the World Bank, and the administration has accordingly begun notifying other countries. Wolfowitz will replace current World Bank president James Wolfensohn, who will be stepping down as head of the 184-nation development bank on June 1 at the end of his second five-year term.

The United States is the World Bank's largest shareholder. The bank traditionally has had an American president and its sister institution, the International Monetary Fund, traditionally has been headed by a European.

Wolfowitz, 61, is a conservative scholar and veteran of six administrations, and has earned a reputation for being a foreign policy hawk - representing the view that the United States should use its superpower status to push for reforms in other nations.

In a statement, the World bank said the board's 24 executive directors were now consulting with the member countries they represent.
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Malaysia urges ASEAN to expand trade relations
Kuala Lumpur: Malysia's Deputy Prime Minister Najib Razak has asked Southeast Asian nations to discard any "misguided notions" of being a self-contained trade bloc, and has called for improving business cooperation with India, Australia and other crucial trading partners.

In a speech at an ASEAN business forum Razak said that though the ten member Association of Southeast Asian Nations has boosted trade with nearby countries such as China, Japan and South Korea, it should strive to be more "open and outward looking."

"Let us remember that communities, like individuals, cannot exist in isolation," Najib said. "ASEAN must therefore oppose misguided notions of a closed trade bloc."

Najib mentioned India, Australia, New Zealand, the United States, Russia and the European Union as key partners that ASEAN should engage in building better trade ties.

ASEAN's trade with India is "currently small," but it's expected to more than double to USD 30 billion by 2007, aided by the ongoing free trade talks between both sides, Najib said.
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Crude surges to $57 a barrel
New York: Crude prices surged to 57 dollars a barrel creating an impact on investors and consumers that was just the opposite of what OPEC intended by way of increasing crude output.

Analysts pointed out that higher oil supplies would take time to reach the markets and latest reports showing a drop in the US stocks only added fuel to the fire. Predicting a rise to the level of 60 dollars a barrel, analysts say that the Asian imports have still to enter the market. When China and India step in to replenish their stocks, the prices would get another boost.

Demand from developing economies like India and China is set to surge and analysts say that the increase of 500,000 barrels a day may only just be enough to meet the Chinese demand.
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