- - Monday, June 20, 2011

IMF

Agency says it hopes to name new chief soon

The International Monetary Fund said Monday it will interview the two leading candidates for the top job at the 187-nation lending institution this week with the goal of naming a new chief by June 30.

In a statement, the IMF said that Agustin Carstens, the head of Mexico’s central bank, will meet with the agency’s executive board on Tuesday. French Finance Minister Christine Lagarde will be interviewed on Wednesday.

Mrs. Lagarde is considered the front-runner for the position to succeed former IMF Managing Director Dominique Strauss-Kahn, who resigned last month after he was charged with sexually assaulting a New York hotel maid, an allegation he denies.

The IMF said that its 24-member executive board will meet on June 28 to pick a new managing director with the aim of completing the process by June 30.

WALL STREET

Stocks post third day of gains

NEW YORK — Investors largely put aside their concerns about the Greek financial crisis Monday and focused instead on value. Stocks rose broadly after the market shook off its longest weekly losing streak in nearly a decade.

The downturn brought the S&P 500 close to its average level over the prior 200 days. So long as the index doesn’t sink far below that level, many technical traders see it as a sign to start buying stocks again. The S&P is now 6 percent below the 2011 high it reached on April 29.

TOBACCO

FDA to issue new graphic warning labels

RICHMOND — In the most significant change to U.S. cigarette packs in 25 years, the Food and Drug Administration on Tuesday is set to release nine new warning labels that will depict in graphic detail the negative health effects of tobacco use.

Among the possible images are rotting and diseased teeth and gums and a man with a tracheotomy smoking.

The labels will take up the top half of a pack, both front and back, of cigarette packs. Warning labels also must appear in advertisements and constitute 20 percent of an ad. Cigarette makers have until the fall of 2012 to comply.

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