Outsourcing: US Senate votes against
Washington: The US Senate has voted to prevent federal contractors from using taxpayers' money to shift American jobs offshore. The bill, approved yesterday by a majority of 70 to 26, would bar contractors from moving work offshore in cases where the government privatises work once done by federal employees, or contracts are given out or any work is done, using federal funds.
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IMF chief: Horst Koehler will step down
Washington DC: International Monetary Fund chief Horst Koehler has said that he will step down in order to accept his nomination as the conservative candidate for German president.

Prior to his appointment at the IMF, Koehler had worked for more than a decade in the German Finance Ministry under former Chancellor Helmut Kohl. Koehler helped draft the legal framework for Europe's single currency, the euro, and also played a key role in negotiating German reunification in 1990. He was also president of the European Bank for Reconstruction and Development.
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