[Max Foster:] In the bank. The U.S. names Jim Yong Kim as its candidate to lead the World Bank. In a flap. BATS'first full day of trading goes badly wrong. And the share price of Etch-a-Sketch is given a big shake. The CEO tells me how a presidential campaign gaffe has put him back in the picture. I'm Max Foster, this is QUEST MEANS BUSINESS. Hello to you. Well, he's got the resume, he's got the backing, and most importantly, he's got the right passport. Jim Yong Kim is the surprise new frontrunner for the World Bank presidency after he was nominated by US president Barack Obama. Traditionally, the American candidate always gets the job. And with nominations closing in just three hours, he only has one other opponent. No one has really mentioned Kim Jong-un [sic] Kim's name in the race, but he's currently the president of Dartmouth College, an Ivy League school in the United States. He was a senior official at the World Health Organization, too. The only other name definitely in the hate is Nigeria's finance minister, Ngozi Okonjo-Iweala. Now, Angola, South Africa, and Nigeria are all supporting her, and she used to be the World Bank's managing director. There's still an outside chance of Jose Antonio Ocampo getting involved. He's Colombia's first well, former finance minister, and Brazil wants to nominate him. Colombia apparently says it's not going to happen. He said he joined the race because he thought this time it would be different. Supposing Antonio Ocampo is wrong and things stay true to form, than Jim Yong Kim is the first big favorite right now. Felicia Taylor is in New York. Is it a given that he's going to get it because he's got the American backing?
[Felicia Taylor, Cnn International Correspondent:] Pretty much. The Americans are the largest voting members of the World Bank, and traditionally, as you pointed out, it has always been an American. The interesting part about this story is that this seen as somewhat of a compromise because Dr. Kim was born in South Korea, so that is perceived to be a little bit more appealing to some of the emerging market nations that were looking for a bit of a change in the mix-up here. The other interesting part about Dr. Kim, obviously he is a physician trained at Brown and Harvard. He does not have a financial background, which is traditionally what World Bank presidents have had. And that in particular was interesting for President Obama, who believes that the health care industry should be more of a focus for the World Bank and, therefore, his background in development as having held the top position in HIV and AIDS at the World Health Organization makes him the right candidate, according to the president. Take a listen.
[Barack Obama, President Of The United States:] And ultimately, when a nation goes from poverty to prosperity, it makes the world stronger and more secure for everybody. That's why the World Bank is so important, and that's why the leader of the World Bank should have a deep understanding of both the role that development plays in the world and the importance of creating conditions where assistance is no longer needed. I believe that nobody is more qualified to carry out that mission than Dr. Jim Kim.
[Taylor:] As I mentioned, traditionally the nominees for the World Bank president have had somewhat of a financial background. We had heard names like Senator Hillary Clinton, Larry Summers, Senator John Kerry, and even the CEO of Pepsico, Indra Nooyi as possible candidates. But again, that's why Dr. Kim was a bit of a surprise. He himself has said that setting high standards and goals in his lifetime have paid off. Take a listen.
[Jim Yong Kim, World Bank Presidential Candidate:] I found again and again in my career that when you set bold, ambitious goals, plenty of people will tell you that you're crazy or that it just can't be done. That's what they told us at Partners in Health when we wanted to treat people suffering from multi-drug-resistant tuberculosis in the slums of Lima, Peru. It's what they told us at the World Health Organization when we wanted to treat 3 million people living with HIV in developing countries. I'm happy to say that we didn't listen to the naysayers.
[Taylor:] So, he stands to make a real difference when it comes to world health and development. Policy of the World Bank clearly setting high standards and goals have paid off for Dr. Kim. This is not a done deal, though, Max. There are a number of weeks that will pass as the member organizations will vote on this, and as you mentioned, there is another candidate out there, although there is just a few hours left before anybody can make a nomination. Max?
[Foster:] Felicia, thank you so much, indeed, for that. Well, South Africa's finance minister says Ngozi Okonjo-Iweala is the best candidate, but he admits with the power of American interest, she might be better off looking to future contests. Pravin Gordhan told Robyn Curnow why he is backing his Nigerian counterpart.
[Pravin Gordhan, South African Finance Minister:] We wish her well, because we think that she is a very competent person, has the right kind of experience and profile, and will be a very able and visionary leader of the World Bank.
[Robyn Curnow, Cnn International Correspondent:] Do you, though, think it's likely that she'll ever get the job?
[Gordhan:] So, we look with optimism, and at the same time have a fair sense of the realities of power within the global situation. But these contests, I think, are an important step towards future milestones that we want to work towards where there's a better balance in the world and there's a better voice representation in the world institutions, as well.
[Curnow:] So, on a pragmatic level, you don't see the Americans saying, there we go, please have this very prestigious post?
[Gordhan:] No, we understand that Americans have important policy interests and self-interest in this position, as well. And as long as we have a mature understanding about our respective interests, and run our campaigns in a mature and constructive way, and the outcome ultimately has legitimacy in the global community, we'll be satisfied.
[Curnow:] So, this is about a message, isn't it? Is this a message the African countries are sending?
[Gordhan:] It's more than just the African countries. I think the developing world as a whole for the past few years has been giving this message, which is that the economic and power balances in the globe are changing, give greater recognition to that. This should be reflected in quota reforms in the IMF and World Bank. And, so this is part of a global transition to a world that we are yet to see, but a world that is giving glimpses to us of what it could look like.
[Curnow:] And with six of the ten fastest-growing economies in the world here in Africa, Africa's voice is louder. It packs a bit more punch, doesn't it?
[Gordhan:] For those who understand that the globe doesn't remain static, that history doesn't stand on one step alone, and that it keeps moving, they would understand that Africa 20 years from now is going to be very different. It's going to be a huge set of opportunities between now and then that'll be available both to Africans themselves and, indeed, to the world.
[Foster:] Well, the final decision rests with the executive board of the World Bank, and that's made up of 25 directors. There's one for the US, there's one for the UK, France has one one. Japan has one, and the rest of the world has 20 executive directors. Now, the overall voting rights are almost totally dominated with the US and the EU. It's weighted according to contributions, so the US has 16 percent, there. The EU has a combined 29 percent, and when you add Japan's 9 percent, more than half of all the votes are taken up by just three countries, as you can see. Next, one Millennial's mission to solve youth unemployment. We speak to the driving force behind the Fix Young America campaign.