Obama scores coveted win on payroll tax

THE US$143 billion payroll tax cut won by U.S. President Barack Obama may be the last significant measure he receives from a deeply divided U.S. Congress that promises to get more polarized as Election Day approaches.

Obama’s coveted renewal of the payroll tax cut for 160 million workers and jobless benefits for millions more caps a five-month campaign-style drive against reluctant Republicans.

World Bank top job to open

THE World Bank on Friday launched the nomination process to select a new president to succeed Robert Zoellick when he steps down in June, inviting names from any of its 187 member countries.

The board said in a statement nominations had to be submitted by March 23 and it hoped to select its top choice by the time of the World Bank and International Monetary Fund meetings in April. It said it would short-list three candidates and publish their names if they agree.

Iran sees biggest bank fraud

A TEHRAN court began hearing the trial of 32 defendants Saturday in a US$2.6 billion bank fraud described as the biggest financial scam in the country’s history, state TV reported.

The charges involve the use of forged documents to get credit at one of Iran’s top financial institutions to purchase assets including major state-owned companies.

Iran’s judiciary has banned media from identifying the defendants by their full names. The primary defendant is referred to in reports by his nickname “Amir Mansour Aria” and he is described in the Iranian media as the head of a sprawling business empire.

Workers would continue to receive a 2 percentage point increase in their paychecks and people out of work for more than six months would keep jobless benefits averaging about US$300 a week.