News
Brazil calls emergency BRR1 billion debt sale
BRAZIL - Brazil's central bank called an emergency sale of short-term, dollar-linked debt early Thursday to try to prop up its sagging currency.
Georgia's cen bank staff want right to carry arms
GEORGIA - Members of Parliament of Georgia are discussing an issue of allowing some employees of the National Bank of Georgia to carry firearms.
Alan Greenspan applauds US financial system
US - The US is blessed with a financial system that is "creative, flexible and innovative", said Alan Greenspan, chairman of the Federal Reserve, in a pre-recorded speech to the American Bankers Association.
Soiled notes turn to paper bricks!
INDIA - The Gujarat headquarters of the Reserve Bank of India (RBI) has installed a Rs 2 crore note-shredder imported from the Netherlands at its regional head-office near Gandhi bridge, said regional director, RBI-Gujarat VS Das.
Fourth Bank member alludes to rate cut
UK - Kate Barker last night became the fourth member of the Bank of England's monetary policy committee in a week to hint at approval for future interest rate cuts. Her hint came in a speech to bankers and economists in Edinburgh.
Top Singapore civil brass in reshuffle
SINGAPORE - The chiefs of Singapore's central bank and trade ministry announced their resignation yesterday, paving the way for their likely entry into politics.
Heikensten - Policy could move in either direction
SWEDEN - The first deputy governor of Sweden's Riksbank, Lars Heikensten, on Tuesday noted that inflation should fall to target levels in the long-term, but near-term uncertainties mean monetary policy could either be eased or tightened in the months…
Shadow Group tells Fed to end rate cuts
US - In studying the Federal Reserve for six decades, Anna Schwartz has witnessed some of the Fed's most aggressive interest rate reductions, such as those after the Korean War, before Richard Nixon's re-election and during Ronald Reagan's second year of…
Schroeder: ECB monetary policy can be improved
GERMANY - German Chancellor Gerhard Schroeder said Friday that the European Central Bank's monetary policy could be improved.
BOK site flooded with Netizen visitors
SOUTH KOREA - The Bank of Korea (BOK) is drawing more interest in cyberspace, with the BOK reporting that its web site has recorded a monthly average of about 134,000 hits so far this year, twice as much as two years ago.
Koh Yong Guan to be new MAS managing director
SINGAPORE - Mr Koh Yong Guan, Permanent Secretary for National Development Ministry, will take over from Mr Tharman Shanmugaratnam as the managing director of the Monetary Authority of Singapore from Monday.
China central bank says deflation still a problem
CHINA - The threat that deflation will re-emerge continues, as domestic consumption remains weak, a senior central bank official wrote in a weekend article.
Euro campaigners point to inward investment fall
UK - Pro-euro campaigners yesterday claimed that exclusion from the single currency was beginning to hit the economy, with the news that Britain's share of European inward investment projects had fallen sharply to 21 per cent in the first half of this…
BOJ Mitani: Econ close to deflationary spiral
JAPAN - Many companies in Western Japan think the economy is on the verge of a deflationary spiral, the manager of the Bank of Japan's Osaka branch said Monday.
Japan Yanagisawa: Ratios to weather NPL write-offs
JAPAN - Japan's top financial regulator Hakuo Yangisawa said Monday banks will likely be able to keep their capital adequacy ratios above 8% even if they write off their non-performing loans.
Greenspan: Fed carried on 11 Sept without him
US - Federal Reserve Chairman Alan Greenspan, who is often praised for his steady hand during times of crisis, said Friday that he was "essentially incommunicado" on 11 Sept, yet the Fed functioned quite well without him.
BNM commemorative coins for sale
MALAYSIA - Coin collectors interested in buying previous issues of commemorative coins produced by Bank Negara Malaysia will have the final chance to do so until year-end.
BI won't freeze bin Laden's assets
INDONESIA - Bank Indonesia has refused to freeze financial assets linked to Osama bin Laden as demanded by the U.S. government, according to Antara news agency.
Dutch plan euro giveaway
NETHERLANDS - On 1 January 2002 the euro finally becomes legal tender in 12 different countries. More than 15 billion euro notes and 50 billion coins will be delivered to banks around Europe over the next few weeks in preparation.
Germany 'on the brink of recession' - Report
GERMANY - Germany has suffered a sharp fall in growth this year and the recovery next year is likely to be very slight, a bi-annual report from the country's top six economic institutes has warned.
Rate cut row mars summit
GERMANY - The European Union has called for the European Central Bank (ECB) to take "further decisive action" in easing monetary policy in order to boost the eurozone's economy.
Soros lashes out at ECB
US - George Soros, the billionaire financial expert, has lashed out at the monetary policy of the European Central Bank (ECB).
Regulators seek more data about credit derivatives
US - U.S. bank regulators, saying the notional amount of credit derivatives at banks has increased more than sixfold since 1997, from $55 billion to $352 billion, are proposing new reporting requirements on credit derivatives.
FSA 'self-critical' of role in Equitable
UK - An internal investigation by the Financial Services Authority has sharply criticised its own role in the Equitable Life debacle.