Guerrero leaves behind her previous New Delhi-based job as country director for India to assume her new role.

She joined the organisation 26 years ago, and early in her career worked as a country economist for a number of mostly Asian nations, including Philippines, Myanmar and Central Asian republics.

More recently, she has held the post of country director for a range of countries, Bolivia, Ecuador, Paraguay, Peru and Mexico.

Guerrero replaced her predecessor Praful Patel on 2 July.

Patel is leaving the post due to retirement.

Guerrero has expressed her delight at her appointment, and has described the region she is now director of, as one of enormous hope for the future, exemplified by rampant growth over the last ten years.

Hammond first joined MIB in August of last year, leaving behind Merrill Lynch, where he held a range of senior positions.

He brings more than two decades of experience to his new position.

Lim joins from NewSmith Capital Partners, where he was chief executive officer and founder of NewSmith Financial Products.

During his long career he has also worked for Merrill Lynch, Dresdner Kleinwort and UBS.

The pair, who assume their roles with immediate effect, will be directly responsible to MIB leader Edoardo Spezzotti, and gain membership of the executive committee of MIB.

Hammond’s joint responsibilities include Investment Banking, Capital Markets, however for Equities, Structured Equity & Commodities Products, Corporate Treasury Sales, he will be specifically responsible.

Lim’s specific responsibilities cover Global Credit, Fixed Income and Currencies, and Sales.

Spezzotti has described the two men as outstanding bankers, with an exceptional track record.

He went on to say that the appointments would help reinforce the momentum MIB had already gathered and help achieve better value for clients.

Effective from 9 July, the lowest possible bid rate on refinancing operations of the Eurosystem rises to 4.25%, an increase of 25 basis points.

On the same date the marginal lending facility interest rate also increases by 25 basis points, to 5.25%.

Also increased by the same amount is deposit facility interest rate which will stand at 3.25% on 9 July.

The increase in interest rates across the board is seen as a move by the ECB to try and head off inflationary pressures.

Soaring food and energy prices have meant that countries across the world have been subject to higher prices in key areas.

The move, which came into effect on Tuesday, comes in response to the growing worldwide condemnation of Robert Mugabe.

The European Union and United Nations have both called for sanctions, and the German government made an official request to the printers, who acted accordingly.

Dr. Karsten Ottenberg, chair of the management board and CEO, explained that the move came as the Zimbabwean situation sees increasing rather than decreasing tensions.

In response to the withdrawal of Giescke & Devrient’s banknote paper supplies, the Reserve Bank of Zimbabwe’s governor, Dr. G. Gono, has issued a press release.

In it, he states that its operations will not be disrupted by the action, and that contingency plans have been put into effect.

However, it is not made apparent what these measures and strategies are.

The people of Zimbabwe are advised by Dr. Gono to continue as normal in their financial activities.

JPMorgan will offer a range of advanced services, providing fund accounting and administration and certain securities lending services, for SAMCo, and participating pension funds.

JPMorgan’s head of EMEA business development, Francis Jackson, explained that the firm’s approach was that of global reach coupled with local delivery.

Jackson went on to say that the firm considered this to be a landmark deal due to its sophisticated asset pooling structures.

Zoellick described the world as entering a danger zone, and made his plea in a letter to the forthcoming G8 summit which is to be held in Japan.

The World Bank, World Food Program and International Fund have all stated their belief that $10bn is needed to meet the immediate needs of those most critically affected by the soaring cost of food and energy.

Zoellick has expressed his belief that, as the problem is not caused by a natural catastrophe but by man, only man can fix it.

The most adversely affected nations have suffered what the president terms a GDP shock of 3-10%, a huge burden for the poorest nations in the world.

He also urged for export bans to be dropped, and for more seed and fertilisers to be made available to Africa.

The German firm will gain a portion of ABN’s commercial banking activities within the Netherlands, for a cost of €709m.

The businesses involved in the transaction are part of ABN’s Business Unit Netherlands (BU NL), including a pair of corporate client units, 13 commercial advisory branches, part of Hollandsche Bank Unie NV (a well-known bank based in Rotterdam), and factoring services firm IFN Finance BV.

Altogether the businesses gained by Deutsche Bank serve 35,000 commercial business clients, 8,000 private clients and employed 1,400 people.

They also hit a pre-tax profit level of €140m in 2007, and the sale involves a €300m discount on their net assets.

The sale addresses the European Commission’s concerns regarding the market dominance of Fortis in the Netherlands, and fulfils a commitment that Fortis made to resolve the issue.

The move has been made due to an increasing interest amongst foreign investors in the Mauritian market, combined with growing investment activity on a local level.

Custody services will initially be provided to local institutional investors, with foreign investors being offered sub custody services.

Mark Kerns, managing director and worldwide leader of Standard Bank’s Investor Services, Corporate and Investment Banking, has stated that the firm views Mauritius as a strategic location.

Kerns went on to say that with the move into Mauritius the firm now offers custody services to 11 sub-Saharan markets, with Uganda, Malawi and now Mauritius being added in the last nine months alone.

The board agreed to an important reshuffle of general management on a motion of Baudouin Prot, and made a number of key appointments.

The board also decided upon a new executive committee composition as a result of the reshuffle.

CEO Baudouin Prot proposed that the present trend of the firm’s business should be used as the basis for adapting its organisation.

Prot also asked that the control mechanisms be better co-ordinated, and their independence confirmed, a matter that has become clearly important given the recent global financial turbulence.

As a result of the changes agreed, two chief operating officers will work with Prot. Georges Chodron de Courcel, who already held the post, and Jean-Laurent Bonnafé, who assumes the role on 1 September and will be responsible for retail banking operations.

On the same date Jean Clamon becomes managing director with responsibility for co-ordinating the internal control unit.

Private wealth management and global transaction banking support will be on offer to clients from the new office.

Deutsche Bank presently has a single office in Russia, located in Moscow, which has been in operation for the last decade and has more than 1,000 staff.

Andrey Golubkov is appointed as senior relationship officer for global transaction banking, with Ulyana Ivanova heading up the private wealth management team.

Deutsche Bank’s CEO, Joerg Bongartz, said that the expansion of service provision afforded by a second Russian office signified the commitment the firm has to the Russian market.

Bongartz also said that the North-West region would benefit from exceptional customer service coupled together with local expertise.