Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
INTERNATIONAL
WORLD BANK BOARD APPROVES WOLFOWITZ
The World Bank approved Paul Wolfowitz as its new president yesterday, affirming the administration’s choice of a Bush loyalist to take the helm of the 184-nation development bank. Mr. Wolfowitz, the deputy defense secretary who helped plan the Iraq war, will begin his five-year term June 1. “Nothing is more gratifying than being able to help people in need and developing opportunities for all the people of the world to achieve their full potential,” Mr. Wolfowitz said after winning unanimous approval from the World Bank’s 24-member board. The bank’s stated mission is to fight poverty and improve the living standards of people in developing countries. It lends around $20 billion a year to developing countries for various projects, including roads, schools, and fighting AIDS. The installation of Mr. Wolfowitz enables the Bush administration to put its imprint on the bank, which employs some 10,000 people worldwide.
– Associated Press
NATIONAL
QWEST RAISES MCI OFFER TO $9.07B TO OUTBID VERIZON
Qwest Communications International raised a takeover bid for MCI to $9.07 billion, turning up pressure on MCI directors to scrap an agreement to be bought by Verizon Communications for $7.64 billion. Denver-based Qwest, the fourth-biggest American local-telephone operator, offered $27.90 a share, including a 40-cent dividend that was already paid. The company outlined the terms in a letter to the board of MCI, the no. 2 American long-distance phone operator, that was filed with the Securities and Exchange Commission. Qwest previously offered $8.45 billion.
– Bloomberg News
