News
Inflation may hit 5%, but we couldn’t have done it different: King
Bank of England’s Inflation Report says inflation will likely soar further; medium term outlook shifts slightly as spare capacity margin revised downwards
Merkel names Weber’s successor
German chancellor Angela Merkel nominates economic adviser Jens Weidmann to replace Axel Weber as president of Bundesbank; picks BaFin director Sabine Lautenschläger-Peiter as new vice-president
High US unemployment suggests greater search frictions: Nobel Prizewinner Pissarides
London School of Economics professor says fact that rising vacancies have failed to temper unemployment signifies “something wrong” in labour market
PBoC to lend to drought-wracked agricultural sector
People’s Bank of China says it will lend for agricultural purchases and drought relief to stymie effects of continuing drought
Brazil’s Tombini nominates two deputy governors
Central Bank of Brazil president Alexandre Tombini names two department heads to sit on rate-setting committee
Draghi strikes familiar chord on eurozone’s future
Bank of Italy governor Mario Draghi stresses importance of fiscal discipline, says monetary union is sound
HKMA plans launch of new HK$500 note
Hong Kong Monetary Authority says banknote will enter circulation next week
Basel surveys literature on links between finance and real economy
Basel Committee on Banking Supervision’s Research Task Force identifies three transmission channels between financial sector and real economy
King acknowledges risk of wage-price spiral as inflation climbs to double Bank’s target
Inflation of 4% in January prompts Bank of England governor Mervyn King to pen another letter to the chancellor; letter acknowledges mounting inflationary pressures
Fed’s Tarullo outlines OTC derivatives reform agenda
Federal Reserve governor Daniel Tarullo stresses importance of central counterparties, close scrutiny of market participants
Belgium’s Praet to be nominated to ECB executive board
Eurozone finance ministers recommend National Bank of Belgium executive director Peter Praet to European Central Bank executive board
Taiwanese central bank disputes name change
Regional group’s use of Chinese Taipei label after mainland China’s entry sparks row with Taiwan’s central bank
Fed’s Raskin urges lenders to put housing market before profits
Federal Reserve Board member Sarah Raskin calls on mortgage service providers to take moral “high road” and place recovery in housing market before profits
Spanish banks’ ECB reliance drops
Spanish banks’ borrowing from European Central Bank declines just over 20% compared to December
Bond purchase frictions convinced Weber to drop out of ECB race
Bundesbank's Axel Weber says divergent views on ECB’s bond purchases meant he was no longer an acceptable candidate to succeed Trichet; stresses he was right to stick to his guns
Weber to quit Buba in April
Bundesbank confirms president will step down in coming months; term was due to end in 2012
Lebanon’s Salameh defends scandal-hit bank
Bank of Lebanon governor Riad Salameh offers support to Lebanese Canadian Bank after accusations by US Treasury of ties to illicit activities and terrorist organisations
Bank amends collateral rules for sovereign debt
Revisions adjust ‘narrow’ and ‘wide’ bands for eligible collateral; change is for liquidity reasons
UBS investment chief claims Swiss capital ratios too high, won’t hold
Chief executive of UBS’s investment bank Carsten Kengeter suggests 19% capital requirement may be watered down; says rules will “always be broken”
DSK moots reserves role for SDR
IMF's Strauss-Kahn says ‘stockpiling’ special drawing right would create a more stable global monetary order
Warsh quits Fed
Federal Reserve board member Kevin Warsh plans to step down from Fed seven years before term ends
IMF guilty of ‘group think’, says Fund watchdog
Independent Evaluation Office says IMF’s cohesiveness in period leading up to the financial crisis prevented fund from spotting impending risks
SEC moves to cut ratings out of registration requirements
US Securities and Exchange Commission proposes rule striking investment-grade rating condition from short-form registration process for companies issuing securities; move mandated by Dodd-Frank
FSA, Bank call for closer dialogue with auditors
Financial Services Authority releases draft code targeted at enhancing communication with auditors