News
King presents gloomy outlook
The Bank of England has revised its forecast for growth in the British down sharply and says the recovery will depend "to a significant extent on developments in the rest of the world where a severe economic downturn has taken hold."
Zim's Gono turns on rand anchor
The governor of the Reserve Bank of Zimbabwe, Gideon Gono, has been quoted as welcoming the idea of pegging the country currency to South Africa's rand.
Reactions to Tarp 2
Initial reaction on the new financial industry bailout plans announced on Tuesday, suggest that investors and observers are underwhelmed by the lack of details available at this stage and fear that the measures will continue to fall short of the…
Asian crisis, culture sparked imbalances: Zhou
The Asian financial crisis and a number of cultural factors triggered the build up in global imbalances seen as the underlying cause of the current crisis, Zhou Xiaochuan, the governor of the People's Bank of China, has said.
Geithner unveils sweeping Tarp overhaul
Timothy Geithner, the secretary of the US Treasury, has announced plans to take up to $500 billion in bad assets off the books of struggling banks and expand the Federal Reserve's programme to support asset-backed securities to $1 trillion from the…
Gono denies rand adoption plans - report
Gideon Gono, the governor of the Reserve Bank of Zimbabwe, has reportedly denied that the inflation-ravaged country is considering the adoption of the South African rand as its currency.
Bank Negara drafting new law - Zeti
Bank Negara Malaysia is drafting a new central bank law to go to parliament, said Dr Zeti Akhtar Aziz, the governor, in a speech at a conference to celebrate the institution's 50th birthday.
What to look for in Tarp II
Tim Geithner, the US Secretary of the Treasury, has delayed unveiling the plans for the next steps in administration's financial bailout programme until Tuesday. Here is a summary of the new steps that could be announced tomorrow.
Embattled Oddsson goes on the offensive
David Oddsson, the under-fire chairman of the board of governors at the Central Bank of Iceland, hit back at a letter sent last week by the prime minister calling for him to resign.
Fed still has weapons - Yellen
Janet Yellen, the president of the Federal Reserve Bank of San Francisco, says the Fed still has weapons left in its arsenal to address a "severely depressed" economy.
Swedish seigniorage hits five-year high
The Riksbank has offered to pay SEK5.9 billion ($737m) of its profits to the national treasury for the financial year 2008, Sweden's central bank said on Monday.
Old Lady to begin buying commercial paper mid-Feb
The Bank of England's commercial paper facility will become operational on 19 February, the Bank said on Friday.
Ferguson, Feldstein join Volcker recovery panel
Martin Feldstein, a Harvard professor; Roger Ferguson, a former vice chairman at the Federal Reserve, and William Donaldson, a former SEC chairman, will join the economic recovery panel headed by Paul Volcker, a former chairman of the Fed.
Demand for eurozone loans shrinks
Demand for loans from both businesses and households across the euro area fell sharply in the fourth quarter, the European Central Bank's (ECB) latest credit conditions survey indicated.
Goodyear in after bad year at Temasek
Chip Goodyear, a former chief executive at BHP Billiton, a mining company, is to replace Ho Ching, the wife of Singapore's prime minister, as chief executive of Temasek, the city state's sovereign wealth fund.
Peru cuts for first time in more than three years
The Central Bank of Peru cut its key interest rate a quarter point to 6.25% on Thursday. It is the central bank's first cut since July 2005.
Bank cuts to 1%, economy in severe downturn
The Bank of England chopped 50 basis points off bank rate on Thursday and stepped up the rhetoric on the scale of the crisis, saying that the global economy was now "in the throes of a severe and synchronised downturn".
Tarp assets too dear
The head of a watchdog charged with overseeing the use of funds allocated to the Troubled Asset Relief Program (Tarp) said on Thursday that the Treasury was overpaying for its investments in banks.
SARB's easing cycle accelerates
The South African Reserve Bank cut its key rate by 100 basis points on Thursday following a 50 basis-point cut in January.
Growth fears outweigh depreciation threat for CNB
The Czech National Bank (CNB) has cut its key interest rate to 1.75%, the lowest level in more than three years, in an attempt to stave off recession despite concerns about koruna's weakening.
Richmond Fed's Charlotte office gets new head
Matthew Martin, an economist at the Richmond Federal Reserve, has been promoted to the role of senior vice president responsible for the Fed's Charlotte branch.
Kazakhstan devalues tenge by 18%
The National Bank of Kazakhstan has allowed the tenge's value to fall by almost a fifth against the greenback by substantially devaluing the currency's dollar peg.
SocGen losses cost Central Africa $584m - report
The Bank of Central African States has lost about $584m on investments made through Societe Generale, a bank, a senior official has reportedly said.
UK edges towards bad-bank solution
Britain is considering adopting the bad bank model to buy toxic assets a little over a fortnight after London announced plans to guarantee banks' bad debt.