IMF SELECTS 2 CONTENDERS

FRANKFURT — The long-shot bid by Stanley Fischer, the governor of the Bank of Israel, to become managing director of the International Monetary Fund appeared to already be over after the international lender’s executive board said late Monday that it would only consider two other candidates.

The board said in a statement that it would consider the candidacies of Christine Lagarde, the finance minister of France who is seen as the front-runner, and Agustín G. Carstens, the governor of the Mexican central bank.

Without mentioning Mr. Fischer by name, the board statement suggested that he had missed the deadline for submitting his application. “The period for submitting nominations for the position of the next managing director closed on Friday, June 10,” the board said.

Mr. Fischer, a former deputy director of the I.M.F. and influential economist, announced his candidacy on Saturday.

However, Mr. Fischer said that he had been eliminated because, at 67, he exceeds the age limit of 65 for candidates for managing director.

He criticized the I.M.F. for refusing to change its rules.

“I think that the age restriction, which was set in the past at 65, is not relevant today,” Mr. Fischer said in a statement Tuesday. “I was hoping that the I.M.F. board of directors would change its regulations, not only for the sake of my candidacy, but also for the sake of future candidates for the position of managing director.

“I have no regrets for having submitted my candidacy,” Mr. Fischer said.

He said he would remain as governor of the Bank of Israel.

A former vice chairman of Citigroup who is credited with stabilizing the Israeli currency and steering the country through the global financial crisis, Mr. Fischer probably would have also faced opposition from Arab countries. He is a citizen of the United States and Israel.

The I.M.F. board’s decision seems to clear the way for Ms. Lagarde to assume the post, which became vacant after Dominique Strauss-Kahn resigned last month to fight charges he sexually assaulted a hotel maid in New York.

Ms. Lagarde has been on a worldwide tour of countries including Brazil, India and China in what appears to be a successful campaign to win support from developing nations.

Russia has also nominated Grigori A. Martchenko, Kazakhstan’s central bank president. He also appeared to have been ruled out by the I.M.F. board.

HITACHI INJECTS $15M IN ZAMBIA PLANT

Hitachi, a leading manufacturer of construction, mining and other earthmoving equipment has commenced phase one construction of a re-manufacturing plant valued at 15 million US dollars.
The Plant located at the Lusaka International Multi Facility Economic Zone along the Lusaka International Airport Road.
About 200 people are expected to be employed in the first phase of the construction of the plant.
Japanese Ambassador to Zambia, Akio Egawa has said the investment is part of his country’s trade commitments to Africa made under the Tokyo International Cooperation for African Development-TICAD- process.
He has stated that Japan has already exceeded its commitments to Africa for the period 2008 to 2012 as evidenced in the 2.05 billion provided to Africa in 2010.
Hitachi’s Vice President in charge of Construction Machinery Yokio Arima has said the company believes in Zambia and her economy.
Mr Arima says the company is targeting to rehabilitate earth moving equipment for the mining companies and assemble equipment that will be supplied both locally and the rest of the central and southern African region.
And Zambia’s President Rupiah Banda is pleased with the investment noting that the investment will benefit Zambia through its technology transfer.