French finance minister Christine Lagarde late on Wednesday formerly launched her bid to lead the IMF as managing director.
 
Lagarde, a former corporate lawyer, is the favourite to succeed Dominique Strauss-Kahn who resigned following sexual assault allegations.
 
Augustine Carstens, the governor of the Mexican central bank, is another key contender for the position.
 
The IMF executive directors representing BRICS on Tuesday called for a “transparent, merit-based and competitive process”, saying that selecting a European as managing director undermined the legitimacy of the IMF.

Australia’s largest pay-TV provider Foxtel has made a $2.02bn cash takeover offer for regional operator Austar United Communications, the company said on Thursday.
 
Following months of negotiations Foxtel offered $1.52 for each Austar share.
 
Austar, which offers subscription TV in non-metropolitan areas, considered the offer price by Foxtel ‘appropriate’ for a change of control transaction.
 
Foxtel said: “A successful transaction would bring together two of Australia’s major subscription TV service providers, creating one of Australia’s largest media businesses.”
 
“Austar intends to work with Foxtel over the coming weeks to satisfy the conditions upon which the proposal has been made so the parties can enter into a definitive transaction,” Austar said in a statement.