News
Euro prices, jobs plunge, paving way for big cut
The chances of the European Central Bank's Governing Council making their biggest-ever cut next week rose on Friday after inflation plummeted to just above the central bank's target and unemployment rose.
Rate cuts not working: Riksbank's Nyberg
The impact of the Riksbank's rate cuts on the real economy has been weakened by a breakdown in the monetary transmission mechanism, Lars Nyberg, a deputy governor at the central bank, has said.
Basel Committee tackles fair-value rules
The Basel Committee on Banking Supervision has responded to the furore surrounding mark-to-market rules and published a consultative paper on fair-value practices.
Russia hikes to strengthen rouble
The Central Bank of Russia has raised its key rate by a full percentage point to a three-year high in a bid to shore up the battered rouble.
India to lend FX until July to counter stress
The Reserve Bank of India has agreed to support the overseas operations of its banks by providing three-month foreign-currency loans until next July.
Zimbabwe's Gono outlines vision for second term
Gideon Gono, the governor of the Reserve Bank of Zimbabwe, has detailed his vision for the Zimbabwean economy over the next five years after being granted a second term at the helm of the central bank.
Korea dips into Fed facility
The Bank of Korea is to tap the Federal Reserve for $4 billion as part of its $30 billion swap arrangement agreed at the end of last month.
CBK's Ndung'u flouted rules on hotel sale: report
An inquiry into the sale of a Nairobi hotel accuses Njuguna Ndung'u, the governor of the Central Bank of Kenya, of flouting procurement rules, local media has reported.
Kings of cash to get a new chief
James Hussey, a managing director at De La Rue, the world's biggest banknote printer, will take the helm at the firm in the new year.
Poland makes surprise cut on signs of slowdown
The National Bank of Poland cut rates for the first time in more than two-and-a-half years on fears that the global slowdown would hamper export demand.
China slashes rates
China chopped more than a percentage point off its lending rate on Wednesday in a further sign of Beijing's fears the global slowdown will spark a severe slump in export demand.
Egypt aims for Basel II adoption, ECB to assist
The Central Bank of Egypt took a step towards compliance with Basel II after agreeing to European Central Bank (ECB) support to strengthen its supervisory framework.
Ex-Fed's Volcker to head economic recovery group
Paul Volcker, a former chairman of the Federal Reserve, will head a new committee to foster growth and financial stability.
IMF's chief economist on the tasks ahead
Olivier Blanchard, the chief economist at the International Monetary Fund (IMF), has made public a detailed policy proposal issued to the heads of the G20 before their summit in Washington, DC earlier this month.
EU pledges €200 billion to spur growth
The European Commission unveiled a stimulus package worth the equivalent of 1.5% of European Union (EU) GDP on Wednesday in a bid to shore up economic activity.
We'll make the banks lend: King
Mervyn King, the governor of the Bank of England, on Tuesday indicated that the British authorities would take drastic action if banks continued to curtail lending.
Fed looks to boost lending by financing loans
The Federal Reserve on Tuesday looked to bolster bank lending by pledging to lend up to $200 billion against highly-rated securities backed by new consumer and business loans.
EBRD gives gloomy outlook on eastern Europe
Growth is set to falter across most of central and eastern Europe next year, with two of the three Baltic states likely to contract, the European Bank for Reconstruction and Development (EBRD), said on Tuesday.
Canadian deputy resigns
Sheryl Kennedy, a deputy governor at the Bank of Canada, is to leave the central bank next week.
Norwegian oil fund hit hard by crunch
The crisis in global financial markets has led Norway's Government Pension Fund to record its largest ever quarterly loss in the three months to September.
Fed's Warsh mooted as Geithner's successor
Kevin Warsh, a governor of the Federal Reserve, has been tipped to succeed Tim Geithner at the helm of the New York Fed.
US authorities shore up Citi
Washington will invest $20 billion and insure up to $306 billion-worth of distressed assets in a bid to shore up confidence in Citi, the world's biggest bank.
Saudi cuts rates, boosts liquidity
The Saudi Arabian Monetary Agency made a fresh bid to boost the health of its ailing banking industry on Sunday.
Malaysia acts on signs of slowdown
Bank Negara Malaysia on Monday cut its key rate after keeping borrowing costs on hold for more than two and a half years.