Wolfensohn to Join Citigroup
Citigroup hired former World Bank president James D. Wolfensohn, right, as an adviser. Wolfensohn, 71, will be chairman of the company's new International Advisory Board next year.
Earlier this week, Wolfensohn's former colleague, World Bank Managing Director Shengman Zhang, was named vice chairman of Citigroup's global banking division.
Tariffs Lifted on Multi-Chips
The United States, the European Union, Japan, South Korea and Taiwan agreed to end import tariffs on multi-chip semiconductor packages used in cell phones, digital cameras and other portable electronic devices.
The global market for the chip packages, now $4 billion a year, is expected to double by 2008, according to the U.S. government, as demand increases for telephones that play video or transmit photos. Other types of semiconductors already trade duty free under a 1996 agreement.
Central Bank Keeps 2 Percent Rate
The European Central Bank left its key interest rate unchanged at 2 percent, but President Jean-Claude Trichet said "strong vigilance" is needed against inflation -- a sign that rate increases may be on the way.
Trichet drew attention to the growth in the money supply in the 12 countries that use the euro, a development that economists say can contribute to inflation. The bank has kept interest rates frozen at long-term lows for 21/2 years.
Compiled from news service reports.