News Today - July 09

* The fragile recovery from the worst global recession since World War Two will slowly pick up pace into next year, the IMF said, but world leaders agreed stimulus spending must remain in place until recovery is secure.

* South Korean central bank keeps its policy rate at the historic low of 2%, as the economy shows improvement, with a hike possible next year

* Chinese banks' new loans made during June shoot dramatically higher from May levels, new government data show.

* A top Democratic lawmaker questions if the Obama economic stimulus plan is working as intended, as more concern surfaces about the effectiveness of the huge recovery package.

* Australia's jobless rate inched up to a seasonally adjusted 5.8% in June from 5.7% in May, as the total number of employed fell 21,400, according to data released Thursday by Australian Bureau of Statistics. The jobless rate is the highest since 2003.