News
Norway raises rates by 25 basis points
The Central Bank of Norway's rate-setting executive board voted on Wednesday to increase its benchmark sight deposit rate by a quarter of a percentage point to 5.25%.
Riksbank appoints new financial stability deputy
Lars Frisell is set to become the new deputy head of the financial stability department at the Riksbank in mid-December.
US-style scheme could have stopped Rock run
A US-style deposit insurance scheme would have been a "real help" in halting the run on Northern Rock, Britain's chief regulator said on Tuesday.
Padoa-Schioppa urges haste on EU supervision
Europe must act decisively to enhance its supervisory structures, said Tommaso Padoa-Schioppa, Italy's economy and finance minister, on Tuesday.
SWFs would follow private equity guidelines
Sovereign wealth funds would be willing to enter into the voluntary code of conduct set out in the Walker Review, an influential report on private equity governance standards and transparency, the author says.
Chinese inflation surpasses previous peak
China's inflation accelerated further in November after matching the 11-year peak reached in August the previous month.
Fed opts for quarter-point cut
The Federal Reserve's rate-setting Federal Open Market Committee (FOMC) voted on Tuesday to cut rates by 25 basis points to 4.25%.
UBS reveals $10 billion subprime loss
UBS, a bank, said on Monday that it would write down $10 billion-worth of subprime losses, the second largest amount revealed so far. The bank also said it could make a loss for the financial year because of its subprime liabilities.
Canada spells out SWF requirements
The Canadian government will block investment by state-owned enterprises, such as sovereign wealth funds, unless corporate governance and commercial standards are adhered to.
GIC could get 9% UBS stake from $9.8 billion loan
The Government of Singapore Investment Corporation (GIC), a sovereign wealth fund, on Monday said that its Sfr11 billion ($9.8 billion) investment in UBS, the bank, could lead to it acquiring as much as a 9% stake in the company.
Finland's Liikanen warns of dual threat
Erkki Liikanen, the governor of the Bank of Finland, said on Monday that the downside risks to growth have risen and inflation was set to accelerate.
Cyprus holds rates at 4.5%
The Central Bank of Cyprus's rate-setting monetary policy committee voted on Monday to keep its benchmark rate at 4.5% in its last scheduled decision.
UK cut does little to alleviate interbank tension
Sterling interbank borrowing costs fell only slightly in response to the Bank of England's 25 basis point rate cut on Thursday, indicating that the cut did little to alleviate liquidity tensions.
SEC's Cox warns on SWF state ownership
The fundamental question on sovereign wealth funds does not concern the advisability of foreign ownership, but rather of government ownership, says Christopher Cox, the head of the Securities and Exchanges Commission (SEC).
Indonesia cuts rates unexpectedly
Bank Indonesia's rate-setting board surprised markets on Thursday by lowering its benchmark rate by 25 basis points to 8%.
Peru keeps rates at 5%
The Central Bank of Peru's rate-setting board on Thursday voted to hold its benchmark reference rate at 5% after monthly inflation fell to 0.11% in November.
Korean rates on hold amid uncertainty
The Bank of Korea's rate-setting monetary policy committee kept the benchmark uncollateralised overnight rate at 5% despite an increase in inflation.
Old Lady cuts rates to 5.5%
The Bank of England's rate-setting Monetary Policy Committee (MPC) voted on Thursday to cut its benchmark bank rate by 25 basis points after data suggested the UK economy was weakening.
Binned Bundesbank secrets found by hairdresser
A Berlin-based hairdresser has found secret drawings for a Bundesbank vault in a bin in the centre of the German capital.
ECB keeps rates at 4%
The European Central Bank's (ECB) rate-setting Governing Council held its benchmark rate at 4%. The vote contrasts with decisions in recent days to cut rates from the Bank of Canada and the Bank of England.
South Africa bids to cool economy with 50bp rise
The South African Reserve Bank looked to dampen rampant inflation by hiking rates by half a percentage point for the third time since July.
Japanese lawmakers want $100 billion SWF
Japanese politicians from the ruling Liberal Democratic Party want to start a $100 billion sovereign wealth fund in order to improve returns on foreign exchange reserves.
UK moves to encourage SWF investment
The British authorities on Tuesday launched a charm offensive in a bid to coax sovereign wealth funds to invest in UK business.
Australia holds rates at 6.75%
The Reserve Bank of Australia's rate-setting board voted on Wednesday to leave its benchmark cash rate at 6.75%, an 11-year high.