S.Africa calls for open World Bank appointment

(Reuters) - South Africa urged the United States on Saturday to abide by an agreement of the Group of 20 economic powers for an open and transparent appointment of the new head of the World Bank.

The G20, in the final communique of its 2006 annual meeting, called for the managing director of the International Monetary Fund and president of the World Bank to be selected in a transparent and consultative process, and not restricted to nationality.


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Continental bid for Siemens VDO not enough

(Reuters) - Continental AG's indicative bid for Siemens' automotive electronics unit, Siemens VDO, is not high enough, Siemens supervisory board chairman Gerhard Cromme said on Friday.

"Continental will have to markedly improve (it's bid)," Cromme said in an interview in the Frankfurter Allgemeine Sonntagszeitung newspaper, released in advance of publication on Sunday.


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Rand Posts Its Biggest Weekly Decline in Two Months on Commodity Prices

(Bloomberg) -- The South African rand had its biggest
weekly decline in more than two months as gold and platinum prices
fell, dimming demand for the currency.

The currency of Africa's largest economy is set for a third
consecutive week of declines amid speculation falling commodity
prices may make it harder for the country to fund its current
account deficit and undermine the currency. Gold and platinum make
up almost a fifth of exports.


Read more at Bloomberg Currencies News