News
Fed posts record $46 billion profit
The Federal Reserve says it made a record profit in 2009; NY Fed is pressed to publish AIG records in spiralling political row
SNB will intervene to control franc: Hildebrand
Switzerland's Philipp Hildebrand says he will monitor the performance of the franc; gains have weakened Swiss exports
Brazil’s Meirelles joins BIS board
Governor of the Central Bank of Brazil replaces outgoing chairman and former Mexico governor, Guillermo Ortiz
Redrado reinstated
Argentine central bank governor is back at work after a federal judge rules presidential decree unconstitutional
Fed appeals to withhold bailout names
Federal Reserve goes to a US appeals court to overturn ruling forcing it to reveal the institutions rescued to the tune of $2 trillion at the height of the financial crisis
FSB to probe banks’ progress on pay
Basel-based Financial Stability Board asks financial institutions to report on compensation standards
Basel-offshoot calls for more consistency
Joint Forum publishes recommendations to standardise cross-border regulation in banking, insurance and securities
Argentine president fires Redrado
Governor dismissed by presidential decree on Thursday evening following his refusal to hand over reserves
Fed should hike to 3.5% soon: FOMC’s Hoenig
Thomas Hoenig, president of the Kansas Fed, says the central bank cannot afford to wait for recovery to firm before tightening
Denmark lops off 5 basis points to contain krone
National Bank of Denmark cuts its key rate to 1.15%, as the latest in a series of reductions since last August to halt krone appreciation
Korea holds amid concern over government influence
Bank of Korea leaves the cost of borrowing at 2% for 11th straight month; concern that presence of a minister at meetings will curtail independence
Argentina’s Redrado clings to position
Buenos Aires wants former governor Mario Blejer to take over following governor’s questioning of plan to raid reserves
Bakani named new Papua New Guinea governor
Bank of Papua New Guinea’s Loi Bakani succeeds Sir Wilson Kamit
Lawmakers voice fears for gilt demand
Treasury Committee says end to quantitative easing could lead to gilts sales falling short and funding costs rising
Politician seen as likely replacement for Buba’s Fabritius
Reported move raises fears Bundesbank becoming increasingly politicised
Israel’s Fischer asked to serve second term – reports
Stanley Fischer reportedly asked by Israel’s prime minister to serve a second term at the Bank of Israel
Let the yuan appreciate: leading Chinese think tank
Chinese Academy of Social Sciences argues for a one-off 10% appreciation of the yuan as international calls intensify
ECB’s Stark: EU won’t bail out Greece
Markets see rhetoric as an attempt to pressurise Athens into making fiscal adjustments
Taylor-rule author blasts Bernanke’s argument
Economist John Taylor says Bernanke was wrong to argue that low interest rates were not a factor in the housing bubble that led to the financial crisis
Senator who proposed Fed overhaul to retire
Senate Banking Committee chairman Chris Dodd, who produced a sweeping bill that seeks to limit Fed power, announces that he will not seek re-election
Euroclear appoints new CEO
Settlement services provider names HSBC’s Tim Howell as replacement from Pierre Francotte
Iceland’s president vetoes $5.5 billion repayment
Decision underlines uncertainty caused by cross-border banking collapse; sparks rating-agency downgrade
Inflation targeting insufficient: China’s Zhou
People’s Bank of China’s Zhou Xiaochuan says targeting low inflation alone is inadequate, particularly in light of the financial crisis
Massive debts will stunt growth: Reinhart and Rogoff
Carmen Reinhart and Kenneth Rogoff say on current debt trends, growth rates are set to fall substantially in four years’ time