News
China's PBOC considers new plan on NPLs
The People's Bank of China is considering adopting an aggressive new strategy to offload another 200 bln yuan in non-performing loans (NPLs) from the Bank of China and China Construction Bank, as the government steps up its efforts to clean up the nation…
Sweden's Heikensten on economic activity
Riksbank Governor Lars Heikensten spoke about economic developments on Monday 17 May at a seminar in Tanum. He said recent developments in economic activity and price pressures have been considerably less dramatic than what the situation in the financial…
IMF's Krueger says oil price not in 'danger area'
The International Monetary Fund (IMF) sees no immediate threat to the global economy from either the recent oil price surge or insecurity in Iraq, its acting Managing Director said on Tuesday 18 May.
Vice president attacks central bank of Peru
Peruvian Vice President David Waisman criticized a central bank decision to allow pension funds to invest more abroad, saying it hurts the country's economy, Gestion newspaper reported.
UK, France and Germany to co-ordinate econ policy
In an interview with French daily Le Figaro, French finance minister Nicolas Sarkozy has said that France, Germany and the UK are ready to include common measures in their national budgets to become more co-ordinated economically.
Inflation still low, no rate hike needed - PBoC
China's current level of inflation does not yet warrant an interest rate hike, a member of the monetary policy committee of People's Bank of China (PBoC) was quoted in the official Shanghai Securities News as saying.
Euro area inflation rises above target
The euro zone's annual inflation rate rose to 2 percent in April, edging above the European Central Bank's target for the first time this year, the European Union said on Tuesday 18 May.
Basel II rules 'take account of small businesses'
European Central Bank governing council member Guy Quaden on Monday 17 May played down fears that small and medium-sized firms would suffer from the new rules on bank capital known as Basel II.
Bundesbank sees increased risk of pact breach
The risk that Germany will breach the EU's strict budget rules for the fourth year in a row next year is increasing, the Bundesbank's chief economist Hermann Remsperger said.
Russian central bank signs cooperation agreement
The Central Bank of Russia and the Federal Financial Monitoring Service signed an agreement "On Informational Cooperation".
Government and BOJ to co-op on deflation
The Japanese Government and central bank will work together to end deflation and support a recovery in the world's second-largest economy, Finance Minister Sadakazu Tanigaki told Asian counterparts in South Korea.
BOK chief concerned over oil prices
Bank of Korea Governor Park Seung said on Saturday 15 May that high oil prices were the main source of economic concern for Korea at the moment.
Saudi Arabia scraps euro foreign reserves policy
Saudi Arabia has abandoned its policy of diversifying foreign reserves into euros, deeming the eurozone unfit to manage a major world reserve currency.
Bank of Japan names new executive director
Nobuo Inaba, director-general of the Bank of Japan's Bank Examination and Surveillance Department, will be promoted to executive director, replacing outgoing Takahiro Mitani, bank officials said on Saturday 8 May.
Bush taking time to renominate Greenspan
Alan Greenspan has fewer than six weeks of his term left as Chairman of the Federal Reserve, and some analysts are wondering why George W is yet to renominate the 78-year old Maestro.
ECB against Italian bill on Fazio
The European Central Bank opposes plans for a law that would allow the governor of the Bank of Italy to be sacked, news agency Radiocor said, citing an ECB report.
FATF mandate renewed for eight years
The Financial Action Task Force held a Ministerial meeting on 14 May on the margins of the OECD Ministerial Council Meeting. The representatives from FATF's 33 members reaffirmed their commitment to the FATF and renewed the FATF's mandate to combat money…
Report says Liberia's Saleeby kicked out
According to a report in The Analyst, Monrovia, the executive governor of the central bank of Liberia, Ellie Saleeby, has been booted out on the insistence of a visiting IMF delegation to Liberia.
Zimbabwe: Retrenched staff stuck in limbo
The Zimbabwe Standard reported this week that several senior Reserve Bank of Zimbabwe officials targeted for retrenchment are sitting idle at the bank, more than two months after the central bank said they would be laid off.
Retired central bank staff in Canada may sue
A group of 1,200 Bank of Canada retirees may sue the central bank, claiming it refuses to discuss sharing a surplus in the employee pension plan, a report by Bloomberg said.
Music maestro
Speaking on Thursday 13 May to a group of high school students in Chicago, Alan Greenspan shared some personal memories including life on the road with a dance band as a clarinet and saxophone player.
McTeer says Fed must work harder on growth
Dallas Fed president Bob McTeer said on Thursday 13 May that the Fed must work harder to promote growth and lift employment.
EU adds price stability goal to constitution
European Union negotiators have agreed to enshrine the goal of price stability in the bloc's first constitution, meeting a demand of European Central Bank President Jean-Claude Trichet.
ADB meeting hears single currency decades away
The Asian Development Bank (ADB) annual meeting heard on Friday 14 May that East Asia's dream of a European Union-style single currency remains decades away, although initial steps have been taken towards regional economic and financial integration.