News
Egypt's El-Okdah to serve second term
Farouk el-Okdah, the governor of the Central Bank of Egypt, will head the central bank for another four years, it emerged on Wednesday.
Abu Dhabi SWF invests $7.5 billion in Citigroup
Abu Dhabi Investment Authority, the world's biggest sovereign wealth fund, has bought an equity stake in Citigroup, the world's biggest bank, of up to 4.9% for $7.5 billion it emerged on Monday.
ECB lends extra €30 billion
The European Central Bank injected an additional €30 billion ($44 billion) into eurozone money markets in a bid to ease recurring tensions in interbank lending.
Britain asks EU to back Rock aid
United Kingdom authorities have requested European Commission approval of their decision to give Northern Rock more than £20 billion-worth ($41 billion) of Bank of England money under the Union's state aid rules.
Zimbabwe inflation stats delayed by lack of goods
Zimbabwe's state statistics department said on Tuesday that inflation figures cannot be calculated because not enough consumer goods are available.
Unanimity required in subprime response: Noyer
Central banks needed to act unanimously to provide liquidity in the wake of the subprime turmoil because of the globalisation of interbank markets, Christian Noyer, the governor of Banque de France said on Tuesday.
Fed aims to counter tensions with new operations
The New York Federal Reserve said on Monday that it will inject extra funds from now until the new year in a bid to counter "heightened pressures in money markets."
Favoured Rock bid would repay £11 billion
The preferred bid for Northern Rock, led by the Virgin group of companies, would repay £11 billion-worth ($22.7 billion) of the beleaguered mortgage lender's Bank of England debt.
Mexico holds rates at 7.5%
The Bank of Mexico's rate-setting board voted on Friday to hold its benchmark rate at 7.5%.
Hungary holds rates on inflation fears
The National Bank of Hungary's rate-setting board voted on Monday to hold rates at 7.5% after the central bank's inflation report revealed inflation would decline more slowly than anticipated.
Israel holds rates at 4%
The Bank of Israel's rate-setting board voted on Monday to keep rates at 4% for the third consecutive month.
Subprime losses could mount to $300 billion
US housing market losses are likely to be in the region of $200 billion to $300 billion, a report by the Organisation for Economic Co-operation and Development (OECD) finds.
ECB to counter new tensions with extra funds
The European Central Bank (ECB) said on Friday that it will inject more liquidity into the eurozone money market in a bid to allay "the re-emerging risk of volatility."
Poor data raises chances of UK rate cut
Worse-than-expected growth and woeful housing statistics have increased the likelihood that the Bank of England will move to cut rates next month.
Trichet blames complexity for ratings reliance
Jean-Claude Trichet, the president of the European Central Bank, said on Friday that the complicated nature of many structured products had led to an over-reliance on credit ratings.
Hakkarainen new deputy at Bank of Finland
Pentti Hakkarainen, a member of the board at the Bank of Finland, is set to succeed Matti Louekoski as deputy governor in January 2008.
Markets certain on rate cut despite Fed's stance
In spite of repeated claims by Federal Open Market Committee (FOMC) members that the risks between inflation and growth are now balanced, interest rate futures traders believed on Wednesday that a December cut is more likely than ever.
Canada's Duguay raises chances of liquidity shift
Fresh suspicions that the Bank of Canada may alter its liquidity provisions by lending for longer periods arose on Tuesday after a speech by Pierre Duguay, a deputy governor of the central bank.
ECB loans show illiquidity in longer-term lending
The results of this month's European Central Bank (ECB) three-month open market operation reveal liquidity tensions remain for longer-term interbank lending.
Japan's Nakamura expects further US housing woe
Seiji Nakamura, a member of the Bank of Japan's rate-setting board, has said that the chances of economic slowdown in the United States are rising as the subprime market slumps further.
Zhou predicts "mild slowdown" for China
Zhou Xiaochuan, the governor of the People's Bank of China, said the fallout from the global credit turmoil will have just a small impact on Chinese growth next year.
UK's Gieve surprises with rate cut vote
Sir John Gieve, the deputy governor at the Bank of England responsible for financial stability, was one of two dissenters who voted for a rate cut at the monetary policy committee's November meeting, minutes published on Wednesday reveal.
Koruna's rise presents mixed blessing
Ludek Niedermayer, a vice governor of the Czech National Bank, parried calls for the central bank to act on the appreciation of the koruna and said that the increase in the currency's value made euro accession more favourable.
Zimbabwe set for new currency
Gideon Gono, the governor of the Reserve Bank of Zimbabwe, said on Wednesday that the issue of a new currency was imminent, after announcing just over a fortnight ago that it would be delayed until 2008.