Obama names Indian American investor as IMF director

The White House sent Sabharwal's nomination to the Senate on Wednesday. At over two dozen, Obama administration boasts of having the highest number of Indian Americans in key jobs than any previous administrations in the US.

Sabharwal, who has been an independent investor since 2006, was the chairman of the Board of Ogone, a European e-commerce payment services company, from 2011 to 2013, according to the White House. He advised Warburg Pincus on its acquisition of Easycash, a German network services company, subsequently becoming a board advisor from 2006 to 2009.

From 2003 to 2006, Sabharwal was senior vice president of strategic investments at First Data Corporation and Western Union. He held several positions at GE Capital, including managing director from 1997 to 2003.

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IMF lauds WTO decisions on TFA, food security

"I strongly welcome the decisions adopted by the General Council of the World Trade Organization (WTO) on November 27, related to public stock holding for food security purposes, the Trade Facilitation Agreement and the post-Bali work," IMF Managing Director Christine Lagarde said.

"These decisions reaffirm the commitment of the international community to an open trade system. They also provide an important opportunity for advancing multilateral trade negotiations in other areas, which is essential to bolster global growth, create jobs and reduce poverty," Lagarde said in a statement.

Ending months-long deadlock, the WTO on Thursday approved a trade facilitation pact while agreeing to India's demand for continuing the peace clause till a permanent solution is found to the food stockpiling issue, crucial for continuing food security scheme.

The historic trade facilitation agreement (TFA) would now need to be ratified by governments of individual member countries, including India, for coming into effect which is expected some time next year.

Source: News and Business News