News
India and China set to drive global demand for gold
World Gold Council says demand for gold jewellery in India and China will ensure robust gold market in 2010
RBI’s income plummets on low returns
Reserve Bank of India’s Annual Report shows income in past fiscal year dropped as rates of return fell worldwide; central bank expects temporarily weakened output path
UK FSA revisits trading regulation in comprehensive review
Financial Services Authority identifies valuation, capital framework coherence and risk management as key problem areas; issues 15 recommendations to revitalise standards
Standard & Poor’s downgrades Ireland
Standard & Poor’s downgrades Ireland’s sovereign credit rating on fears over fiscal burden imposed by banking sector rescue
Basel Committee to rethink CVA capital charge
Regulators might adapt the bond-equivalent approach amid claims the methodology will lead to perverse incentives
Southern Sudan on the brink of collapse: deputy governor
Central Bank of Sudan deputy governor says Khartoum has starved south of foreign currency, leaving it two weeks shy of economic crisis; oil spat thought to be linked to independence referendum
Indian officials to probe De La Rue plant
Reserve Bank of India says government officials due to visit De La Rue plant; trip follows paper fault which forced De La Rue chief executive to quit
Payments providers split over Sepa end dates
Comments released by the European Commission show that European institutions and banking associations disagree over Sepa proposals to seperate end dates
Impact of pledge to keep rates on hold unclear: Bank of Canada
Canadian central bank research says conditional commitment to keep rates low has had mixed effect; study shows pledge lowered interest rates on government bonds, but findings not statistically strong
Fed loses appeal to protect names of bailed out banks
Federal Reserve appeal to withhold names and details of banks it bailed out in crisis dealt a further blow; central bank must now petition Supreme Court
Executive director Hoogduin tipped as Wellink’s successor
Netherlands Bank executive director Lex Hoogduin frontrunner to take over as president when Nout Wellink’s term expires
Russia inches back toward dollar assets
Bank of Russia report shows percentage of dollar assets increased by end 2009, reversing trend set in two previous years; central bank also upped sovereign debt holdings and risk appetite declined
UK think tank forecasts 8% rates by 2012
Though now at record lows, Policy Exchange chief economist Andrew Lilico says interest rates in the United Kingdom may rise to 8% by 2012 to overcome double digit inflation
Regulators kick off derivatives reform discussion
Market participants call for clearing decisions to be left to market forces and caution regulators about clearing house ownership
Former BoA chief risk officer Curl joins Singapore's Temasek as president
Temasek has hired former BoA CRO Gregory Curl and promoted Simon Israel as co-presidents to work alongside existing president and former SGX chief executive, Hsieh Fu Hua
Rate round-up: Hungary, Israel hold on uncertainty
Continued uncertainty in global and domestic economy prompts Hungary, Israel to leave rates unchanged
Holocaust museum slams Romanian central bank over ruling on anti-Semite coin
US Holocaust Memorial Museum labels National Bank of Romania’s decision to keep anti-Semite coin in circulation “misguided”
Nepal to end circulation of banknotes featuring ousted king
Nepal Rastra Bank says it will phase out old notes depicting former monarch
Regional Fed staff to make way for foreign officials at Jackson Hole: reports
Reports say ticket allocation for regional Fed presidents and research directors will drop from two to one; New York Fed markets chief no longer on invite list
Basel bids to make bondholders pay price of failure
Basel Committee on Banking Supervision says all instruments classified as tier one and tier two capital bear some of the cost of taxpayer support
Romania keeps coin featuring anti-Semite in circulation
Romania says it will keep a controversial coin featuring an anti-Semite despite calls for ban by Jewish community
SEC makes landmark fraud charge against US state
Securities and Exchange Commission makes its first-ever case against a state, on grounds of securities fraud; New Jersey alleged to have misled bond investors on pension contributions it was making
Canada throws weight behind Basel III, lauding output gains
Bank of Canada says forthcoming capital and liquidity ratios will save the country nearly C$200 billion; stresses that Canada must not rest on laurels, not having experienced banking crisis
Lebanon sets in motion plans to create SWF
Lebanese energy bill paves way for creation of sovereign wealth fund; government aide says proceeds will be managed by the Ministry of Energy and Water