News
ECB would be 'delighted' if Sweden joins euro zone
At the ECB's press conference on Thursday 4 September, the deputy president Lucas Papademos said that the European Central Bank would be "delighted" if Sweden was to join the euro but that the decision was for Sweden to take, eports EU Business.
Housing assistance to RBA staff
In a press release the Reserve Bank of Australia attempts to set straight what it calls "quite misleading" references in the press to housing assistance the RBA provides to a small proportion of its staff, 3 September.
Bank of Canada lowers interest rates
The Bank of Canada lowered its target for the overnight rate by 1/4 percentage point to 2 3/4 per cent on 3 September. In its press release the Bank said since the last interest rate announcement on 15 July, inflation pressures have continued to ease.
Fukui says no quick end to BOJ easing policy
Bank of Japan governor Toshihiko Fukui on Wednesday sought to calm the bond market, Reuters reported, saying "You can rest assured that the ultra-loose policy will stay in place as long as the CPI (consumer price index) is falling or only showing weak…
One week for a deal as IMF team lands in Argentina
An IMF team arrived in Argentina Tuesday with a week to finalise a loan deal and avoid a damaging default, Reuters said. The IMF so far has been unable to convince Argentina to implement unpopular policies the fund says are necessary for a full recovery.
Norway's central bank may cut rates again
Bank of Norway chief Svein Gjedrem repeated Tuesday that inflation is likely to be below 2.5 percent over the next two years leading to speculation that Norges Bank may continue its recent series of interest rate cuts, Aftenposten reported.
RBA unmoved by growth slump, leaves rates on hold
The Reserve Bank of Australia left interest rates on hold for the 15th consecutive month on Wednesday amid the accelerating global economy, according to a report from AFR.
Bank of France's Trichet defends EU deficit rules
Bank of France governor Jean-Claude Trichet warned Wednesday that countries due to join the European Union should prepare carefully for subsequent membership of the euro zone, a report from Agence France-Presse said. He also stood by the much criticised…
Reddy to take over as RBI chief on Saturday
YV Reddy will take up his post as governor of the Reserve bank of India for a five-year term beginning on September 6th, the RBI said Wednesday a report from Reuters said.
Hitachi develops RFID chip for bank notes
Hitachi has developed an RFID (radio frequency identification) chip that requires no external antenna and makes possible the embedding of chips in bank notes, IDG News Service said. A Hitachi spokesman denied media reports Tuesday that the company was…
BOJ quietly fixing data errors
The Bank of Japan has been making corrections to its web site, the Japan Times reported. The errors were described as "minor" by BoJ officials and relates to the average outstanding reserves kept by private-sector banks at the BOJ over the past five…
Swedish PM takes a swipe at eurozone economies
With Sweden's referendum on the euro fast approaching, Goran Persson has hit out at the fiscal policies in leading eurozone economies Germany, France and Italy saying the three should have done more to put their public finances in order and build up…
Greenspan defends Fed's decision-making methods
The Jackson Hole conference has seen a somewhat defensive Federal Reserve with criticism of its communication policies, the Wall Street Journal reported. But while even a former Fed Governor, Lyle Gramley, criticised the mixed implications for the bond…
Duisenberg set to miss ECB policy meeting
This weeks ECB policy-setting meeting will not be attended by Wim Duisenberg who is set to leave the Bank at the end of October. Duisenberg's move to take a back seat on policy matters has led to accusations that the ECB is rudderless, Reuters reports.
US Snow urges Beijing to let currency float
US treasury secretary John Snow said Monday that flexible rates are a prerequisite for a functioning financial system and that American firms must not be disadvantaged by China's exchange rate policies, the Financial Times reported.
China considers offshore yuan center in Hong Kong
China may be planning to set up an offshore yuan centre in Hong Kong by the end of the year, AFX News said. There have been increased calls recently for an offshore center to be set up in Hong Kong in view of the influx of Chinese visitors to the city…
UAE's Suweidi wants transparent information panel
The governor of the United Arab Emirates central bank has called on the Banks information committee to show transparency and openness in its dealing with Arab and international media that will cover the joint annual meeting - Dubai 2003 in late September.
Buba chief Welteke praises Russian economy
Speaking during a visit to Moscow, Bundesbank president Ernst Welteke said the Russian economy is witnessing welcome improvements, RIA Novosti reported.
BoT bans bank securities lending to non-residents
The Bank of Thailand has modified regulations in order to help develop the country's equity market, AFX Asia reported. Commercial banks "are not allowed to lend securities to non-resident entities, in line with measures to prevent speculation on the baht…
BOK announces coin campaign with UNICEF
The Bank of Korea has announced an agreement with UNICEF to support a coin collection campaign to raise funds for needy children in developing nations, the Korea Times reported.
Thai central bank may curb speculative capital
Thailand's central bank governor M.R. Pridiyathorn Devakula said the BoT was considering new ways to curb speculative capital inflows after they returned to the same level as before the July 27 interest rate cut, the Bangkok Post said.
Bank of Israel sets up financial stability unit
The Bank of Israel has set up a new unit for financial stability, Globes online reports. The duties of the new department include developing tools for the early detection of threats to stability, preventing threats from becoming exacerbated, and…
SNB's Roth urges finance reputation clean up
Speaking at the weekend Swiss National Bank president Jean-Pierre Roth told a conference the Swiss financial community needs to act to inspire more confidence and clamp down on money-laundering and "energetically reject" the idea that Switzerland is only…
Sweden: No new poll 'till 2010' if euro shunned
A No vote in Sweden's euro referendum would mean at least ten years before a new referendum could be held, prime minister Goran Persson said Sunday. He said a No vote would place Sweden "last in the queue" for entry to the single currency, the Financial…