Bundesbank's new chief

The Bundesbank's central council yesterday approved the nomination of Mr Ernst Welteke as the new president of the German central bank to succeed the current chief, Mr Hans Tietmeyer, who retires at the end of August. Mr Welteke (56) had been officially nominated by the German cabinet on Tuesday and the central council nodded its approval at a meeting yesterday. Mr Welteke, who is currently president of the regional central bank for the state of Hesse, will take over on September 1st and will be the Bundesbank's seventh president.