News
Agius confirms BoE governor’s intervention in Barclays
Chairman of Barclays recounts meeting with Mervyn King during which he was told Bob Diamond had lost the confidence of the regulator; following day the bank’s chief tendered his resignation
BoE’s Tucker denies involvement in Libor scandal
Paul Tucker says no members of the last government urged him to pressurise banks to alter Libor rates; claims no prior knowledge of Libor 'low balling' ahead of official investigations
Draghi says closer union will achieve stability in Europe
Mario Draghi says quality of reforms and implementation ‘absolutely essential’; sets out vision of future union based on financial, fiscal, economic and political integration
Regional Fed presidents express fears over economic recovery
Charles Evans and Eric Rosengren warn about struggling economic recovery; focus on employment figures as key indicator of persistent problems in the US
Bank of Korea finds slight increase in North Korean GDP for 2011
Estimates by Bank of Korea suggest North Korean GDP grew by 0.8% in 2011; represents first year of positive growth since 2008
Strict foreign exchange rules set to stay in Ukraine, says governor
Sergei Arbuzov explains why the National Bank of Ukraine keeps a tight rein on foreign exchange transactions; says temporary easing of rules for sporting tournament will not become permanent
Regulators set out margining proposals for OTC derivatives
Consultative report details planned margining requirements for non-centrally cleared derivatives; presents seven principles for determining margins
Lagarde calls for US to deal with ‘fiscal cliff’ and global co-operation
IMF chief puts concerns in the US on par with those in Europe and the slowdown in Brazil, China and India during speech in Tokyo; says G-20 co-operation could boost global GDP by 7%
Brazil and South Africa agree supervisory co-operation
Central Bank of Brazil and South African Reserve Bank sign MoU to promote banking supervision; clears the way for domestic banks to build businesses in both markets
McCafferty to replace Posen on BoE’s Monetary Policy Committee
UK Treasury names CBI economics adviser, Ian McCafferty, to replace Adam Posen on the Bank of England’s monetary policy board
Thailand unveils royal family commemorative banknotes
Bank of Thailand reveals two new banknotes to mark Queen’s 80th birthday and the Crown Prince’s 60th birthday; special security features are included
Norway’s SWF adds $340m of property to portfolio
Norwegian sovereign wealth fund buys stakes in French property worth $340 million; aims to expand real estate investments into other European markets
Danish central bank acts to counter negative interest rate
National Bank of Denmark lowers certificates of deposit rate to -0.2%; raises banks' current account limits to help them keep funds away from negative rate
Hungarian central bank blasts government tax plan
National Bank of Hungary says government plans for financial transaction tax threatens central bank independence; levy is latest development in conflict between central bank and government
PBoC moves to bolster bank lending with asymmetric rates cut
Chinese central bank cuts interest rates and expands bank lending bands for the second time in a month to combat sluggish growth
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
Bank of Mauritius to investigate fair banking practices
Bank of Mauritius promises to investigate terms and conditions of contracts consumers sign, including fees, commission and charges levied by banks; following rise in complaints
Slew of central banks hold rates amid economic uncertainty
Riksbank, National Bank of Poland, Reserve Bank of Australia and Central Bank of Colombia all keep policy rates unchanged; central banks offer mixed message on global economy
Diamond clarifies note on conversation with BoE deputy
Former chief executive of Barclays explains note written after conversation with Paul Tucker; gives evidence on same day Tucker makes public request for hearing with Treasury Select Committee
Sarb makes $60m loss due to costs of forex intervention
South African Reserve Bank suffers loss in fiscal year 2011/12 due to cost of forex activities; governor describes economic challenges in coming year as ‘daunting’
Democratic Republic of Congo fights dollarisation
Central Bank of the Democratic Republic of Congo releases new high-denomination banknotes; move signifies efforts to limit dollarisation in the country but also poses inflation risk
Barclays draws Bank of England into Libor debacle
Email relaying conversation between Bob Diamond and Paul Tucker raises questions over BoE deputy’s role in rate-setting scandal; Diamond set to explain further before parliamentary committee tomorrow
Second wave of CSDs sign T2S framework agreement
A total of 15 central securities depositories sign T2S framework agreement in second wave; system set to go live in June 2015
IMF issues updates on German and US economies
International Monetary Fund notes Germany’s “remarkable” economic performance; warns US over “tepid” recovery