Lipsky to become IMF's first deputy MD
Jackson: John Lipsky is set to become the deputy MD of the International Monetary Fund (IMF).
Lipsky said the world economy will enjoy another 'solid' year of growth next year with expansions in Japan and Europe supporting global demand even if the US slows. He was speaking in Jackson Hole, Wyoming, where he attended a symposium of Federal Reserve Bank of Kansas.

According to IMF global gross domestic product will increase 4.9 per cent this year, the fourth year of growth above 4 per cent and the strongest performance since 1973.

While the Washington-based lender likely to predict a cooling next year when it releases its latest economic outlook in September, Lipksy said expansions in Europe and Japan are now strong enough to propel the world economy.
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eBay announces mega deal with Google
Google and eBay have announced a two-pronged, multi-year agreement revolving round text-based advertising and "click-to-call" advertising functionalities. The companies say the agreement stands to benefit both sets of users, suppliers, and advertisers across-the-globe.

As per terms of the agreement, Google will be the exclusive text-based advertising provider for eBay outside of USA. The objective of the deal is to integrate and launch "click-to-call" advertising functionality that globally leverages Skype and Google Talk in their respective platforms.

Specific details of the agreement have not been disclosed.

Google and eBay plan to begin testing of the two initiatives sometime early 2007, to be evaluated over a period of several months. The specific components and timing of implementation would depend upon initial test results, and would vary from market-to-market.
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Bankruptcy law for business enacted in China
Beijing: China has enacted an updated bankruptcy law that covers private businesses for the first time.

The law also raises the status of commercial creditors, requiring failed companies to pay them first instead of workers, who previously had priority, the Xinhua News Agency said.

The law takes effect June 1, 2007.

The measure is to modernize a 1986 bankruptcy law in a communist system that relies heavily on private entrepreneurs to create jobs and prosperity.

Before this, Chinese bankruptcy law only mentioned state-owned companies, leading to uncertainty about how to settle the debts of private businesses that failed.
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