NORTH KOREA

NORTH KOREA

World Bank Could Help Economy, Official Says

The World Bank could potentially play a role in North Korea's economy but is not yet ready to do so, Paul D. Wolfowitz, the institution's president, said.

Wolfowitz said the bank was able to play "a very valuable role" in China when that country embarked on economic reform. "In principle, the same thing could happen with North Korea, but there's a lot that has to happen to get there," he told the Associated Press upon arriving for a two-day visit.

ENERGY

Iran, Venezuela Discuss Oil-Processing Plant

Iran and Venezuela are discussing the construction of a heavy oil processing plant in Venezuela's Orinoco belt that could supply Iran with gasoline and other products, the director of Venezuela's state-run oil company said.

The company's director, Eulogio Del Pino, said the proposed deal would benefit both countries because heavy crude from the Orinoco belt must be upgraded at refining facilities and Iran imports gasoline despite being a major oil exporter.

GERMANY

Economy Heading for 'Robust Recovery'

Germany's economy may be headed for a "robust recovery," the Organization for Economic Cooperation and Development said, but it called for deeper economic reform to cement long-term growth.

The German economy, Europe's largest, appears to be emerging from years of stagnation, helped by an apparent recovery in consumers' willingness to spend and strong exports.

SOUTH KOREA

Daewoo Founder Sentenced in Fraud

A Seoul court sentenced Kim Woo Choong, the founder and former chairman of collapsed conglomerate Daewoo, to 10 years in prison for charges including embezzlement and accounting fraud.

The Seoul Central District Court also ordered Kim to forfeit more than $22 billion and pay a fine of $10,600.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.