Zoellick sole WB candidate

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WASHINGTON, June 15 (AFP): Despite widespread criticism of the US grip on the World Bank presidency, Washington's nominee Robert Zoellick remained the sole contender today.
"As of today we are only aware of the US nomination," said a World Bank official, speaking on condition of anonymity.
US President George W. Bush announced in late May he had chosen Zoellick, a former US trade chief and deputy secretary of state, to succeed bank president Paul Wolfowitz, who was forced to resign in a favoritism scandal.
Critics, including nongovernmental organisations and political leaders in developing countries and elsewhere, called for a transparent selection process based on merit, not nationality.

Oil prices remain above $67 a barrel

LONDON (Internet): Oil prices were down slightly Friday after reaching a nine-month high overnight on worries that the US refining industry can't meet peak summer gasoline demand.
At midday in Europe, light, sweet crude for July delivery was down 26 cents at $67.39 a barrel on the New York Mercantile Exchange.
The contract rose $1.39 to settle at $67.65 a barrel Thursday, the first time since September that Nymex crude closed above $67 a barrel.
Brent crude for August delivery fell 49 cents to $70.87 a barrel on the ICE Futures exchange in London.
The US Energy Department reported Wednesday that refinery utilisation fell last week, and that gasoline inventories did not grow.

India eyes first woman president

NEW DELHI (Agencies): India's Congress-led ruling coalition chose veteran politician Pratibha Patil late on Thursday to run for what is largely a ceremonial position, elections for which will be held next month if the opposition puts up a candidate as planned.
Patil (72) is the governor of Rajasthan and was a surprise choice. She was picked after Congress and its leftist allies failed to agree on other names.
If Patil wins, she will be India's first woman President. Congress President Sonia Gandhi has called the decision historic.
Patil's name came out of the blue after the Left flatly refused to accept the Congress' choice- Shivraj Patil. The NDA however has refused to support Pratibha Patil's candidature, saying it came too late in the day.

IMF to disburse $ 16m for Nepal's poverty reduction

KATHMANDU (Xinhua): The International Monetary Fund (IMF) has approved a disbursement of 16 million US dollars to Nepal under poverty reduction growth facility (PRGF) arrangement, The Kathmandu Post reported Friday.
According to the daily, the approval came Thursday after the IMF Executive Board completed the fourth review of the country's performance under the three-year PRGF, the IMF said in a press release.

Myanmar to launch gem auction in July

YANGON (AFP): Military-run Myanmar will launch its third gems auction this year in July, an official said Friday, in a bid to earn much-needed foreign currency for the cash-strapped junta.
Myanmar Gems Enterprise said it would hold a 13-day auction of jade, pearl and gemstones in Yangon from July 4.
Gem auctions draw hundreds of foreign merchants, mainly from neighbouring China and Thailand. The official said he expected many dealers from China at the upcoming auction.
Myanmar sold more than 3,600 lots of jade, gems and pearls at its last auction in March. Sales from the March emporium were expected to reach millions of dollars for the junta, which has never disclosed the actual figures.