News
Federal Reserve cuts rates to lowest since 1961
UNITED STATES - Struggling to reverse the slide in the U.S. economy, or at least to slow it, the Federal Reserve cut short-term interest rates on Tuesday by half a percentage point, to 2 percent, the lowest level since the 1960s.
Australia leaves interest rates unchanged
AUSTRALIA - Australia's central bank has opted to keep its interest rates unchanged on Wednesday despite the US Federal Reserve cutting its key overnight rates by 50 basis points to its lowest level in 40 years.
Federal Reserve Press Release
PRESS RELEASE - Monetary policy decisions by the Federal Reserve Board, 6 November.
European Parliament Press Release
PRESS RELEASE - Committee on Economic and Monetary Affairs. Euro change-over: MEPs demand bigger effort from banks and retailers, 7 November.
Duisenberg gives green light for ECB rate cut
EUROPE - European Central Bank President Wim Duisenberg appeared Monday to give the green light for an interest rate cut this week as euro-zone finance officials sounded a cautious note about the economic outlook for the 12-member bloc.
Argentine debt swap 'constitutes default'
ARGENTINA - Fitch, the international ratings agency, said yesterday that Argentina's debt restructuring, launched yesterday, constituted a default.
Australian economy stronger than US - Costello
AUSTRALIA - Australian Treasurer Peter Costello said Wednesday that a decision by the Reserve Bank to keep interest rates steady after its board meeting Tuesday isn't surprising given the country is in the midst of an election campaign.
Credit card issuers to benefit from Fed rate cut
USA - Issuers of credit cards, hurt by concerns the weakening economy will ramp up charge-off rates, may get a respite from the latest round of interest rates cuts by the Federal Reserve.
IMF to offer aid to countries in Caribbean
CARIBBEAN - The International Monetary Fund will help Caribbean countries whose economies have been troubled by the slowdown in the global economy and by the attacks on the US, according to Horst Kohler, the fund's managing director.
Bank of France aims to maintain note printing
FRANCE - The Bank of France has "the firm intention of remaining an important player on the European money printing market", according to Michel Perdrix, managing director of the note printing unit at the French central bank.
Armenia central bank puts silver coins into system
ARMENIA - The Central Bank of Armenia has put into circulation 170 silver and 30 gilded coins with denomination of 100 AMD on 6 November 2001.
Selection of Russia's central bank auditor
RUSSIA - During a meeting of the Duma commission for the choice of an auditor for the Central Bank, deputies failed to choose between a Western or a Russian company and to decide whether two companies or one should audit the Central Bank.
Glenn Stevens tipped as new RBA dep gov
ARTICLE - Reserve Bank of Australia Assistant Governor Glenn Stevens is the clear favorite among a small field of contenders to fill the shoes of Deputy Governor Stephen Grenville, who retires 30 November.
Fed expected to cut rates by another half-point
US - The US Federal Reserve is poised to cut interest rates today for the tenth time this year, extending its most aggressive rate-cutting campaign in recent history amid yet more evidence of proliferating weakness in the world's economic power.
Asian nations agree free-trade zone
ASIA - South East Asian nations and China have agreed to set up the world's biggest free-trade area within 10 years.
Consumer spending falls in Japan
JAPAN - Japanese households spent less in September in spite of falling prices and government attempts to boost consumer spending, official figures show.
US economy "quite weak" in September-Chicago Fed
US - The U.S. economy was "quite weak" and performed below trend for the 15th straight month in September, the Federal Reserve Bank of Chicago said on Monday.
China has no plan to relax foreign bank rule: HKMA
HONG KONG - China said on Tuesday it had no plans to relax its US$20 billion asset-base threshold for foreign banks wanting to open branches in the country, according to a Hong Kong Monetary Authority (HKMA) spokesman.
Eurozone inflation dip may smooth ECB move
EUROPE - Annual inflation in the eurozone dipped to 2.4 per cent last month from 2.5 per cent in September, according to a provisional estimate released Monday.
IMF cuts forecast for growth in France
FRANCE - The International Monetary Fund, blaming the effects of the September 11 terrorist attacks in the US, has cut its forecast for French economic growth next year to around 1.6 per cent from an earlier prediction of 2.1 per cent.
Top officials sue Polish central bank for back pay
POLAND - The members of the bank's 10-strong Monetary Policy Council (MPC) say that recently published details of the remuneration of Polish central bankers show they have been underpaid for the past three years.
Ottawa's plan for G-20 security is out of sight
ARTICLE - Finance ministers and central bank governors from the Group of 20 nations, along with officials of the International Monetary Fund and the World Bank, will go underground when they congregate here next week. Literally.
Bulgarian mint to be split from central bank
BULGARIA - The mint of the Bulgarian National Bank (BNB), which prints Bulgarian levs, will be split from the BNB and transformed into a state-owned joint stock company as of 2002.
Kuwait's central bank upgrades its internet site
KUWAIT - Kuwait's Central Bank (CBK) has launched its upgraded Internet site, accessible at www.cbk.gov.kw, CBK Governor, Sheikh Salem Abdul Aziz al Sabah, said on 5 November 2001.