News
IMF to cut growth forecast to 1% to 1.5% - report
The International Monetary Fund (IMF) now expects global growth of between 1% and 1.5% in the coming year, down from its November estimate of 2.2%, say reports.
Kuwaiti SWF to take 16% stake in Gulf bank
The Kuwait Investment Authority, a sovereign wealth fund, has taken a 16% share in one of the country's largest banks.
Israel cuts to record low, economy to shrink
The Bank of Israel slashed its key rate by 75 basis points to an all-time low of 1% on Monday and said that it now expected the economy to contract by 0.2% in 2009.
ECB officials signal reluctance to cut to zero
Two senior officials at the European Central Bank (ECB) have indicated that the Frankfurt-based institution remains reluctant to follow the Federal Reserve's lead in cutting rates to near zero.
Zim's Gono: sanctions responsible for collapse
Gideon Gono, the governor of the Reserve Bank of Zimbabwe, has said that sanctions are to blame for Zimbabwe's economic collapse and that printing more money was essential for his people's survival.
China "notes" Geithner renminbi claims
An official at the People's Bank of China has said the central bank had noted US Treasury secretary designate Tim Geithner's claims that President Barack Obama believes Beijing is manipulating the renminbi to boost exports.
Sack governor, Ukraine PM tells president
Viktor Yushchenko, Ukraine's president, on Friday rejected renewed calls by Yulia Tymoshenko, the country's prime minister, to sack Volodymyr Stelmakh, the governor of the country's central bank.
Vietnam slashes to meet growth target
The State Bank of Vietnam cut its base interest rate by 150 basis points to 7% on Friday, taking borrowing costs to half of the level they were last summer.
UK lawmakers want all the gore on bank lifelines
An influential group of British lawmakers have called for the UK Treasury to be much more open in detailing the liabilities taken on by its ownership of stakes in some of the country's biggest banks.
PM's adviser wants RBI to cut rates
Suresh Tendulkar, an economic adviser to the Indian prime minister, has said that the Reserve Bank of India should cut rates in the coming week.
BoJ sees falling prices, will buy corporate bonds
Prices will fall in the world's second-largest economy in 2009 and 2010, senior officials at the Bank of Japan predict. The central bank also announced it would buy corporate bonds and begin purchases of commercial paper later this month.
IMF to revise figures on worsening outlook: DSK
The economic crisis is deepening and the International Monetary Fund (IMF) will lower its growth estimates as a result, Dominique Strauss-Kahn, the managing director at the Fund, has said.
Kazakhstan turns again to Marchenko
Grigory Marchenko will serve a second spell as governor of the National Bank of Kazakhstan.
FSA chairman outlines reform agenda
Lord Adair Turner, the chairman of the Financial Services Authority (FSA), Britain's financial supervisor, on Wednesday presented his vision of how regulation needed to change.
Brazil slashes, signals further easing
The Central Bank of Brazil made its most aggressive cut in more than five years on Wednesday and hinted it would ease rates further in the coming months.
UK action must be backed up abroad: BoE's Tucker
The British Treasury's measures, announced Monday, to kickstart a financial recovery stand a better chance of success if they are mirrored by governments across the globe, a senior Bank of England official testified on Wednesday.
Tarp needs "serious reform": Geithner
The Troubled Asset Relief Plan (Tarp) needs a fundamental overhaul, Tim Geithner, the US treasury-secretary designate who as head of the New York Fed was closely involved with the original bailout package, told lawmakers on Wednesday.
Business can bypass banks with bond sales: King
The Bank of England's round of corporate bond purchases, set to begin within weeks, could revive ailing capital markets by reducing businesses reliance on bank lending, Mervyn King, the governor of the Bank of England, said on Tuesday evening.
Danes less keen on euro
The popularity of the euro among Danes has waned since November 2008, a poll commissioned by one of the country's leading banks has found.
Malaysia slashes rates as exports flag
Bank Negara Malaysia surprised markets on Wednesday, slashing its key rate by 75 basis points to 2.5%.
HKMA and China agree currency swap
The Hong Kong Monetary Authority (HKMA) and the People's Bank of China have signed a currency swap arrangement worth up to $29.2 billion.
France to ECB: lead charge for derivatives market
Christine Lagarde, the French finance minister, has called on the European Central Bank to spur efforts to set up a eurozone-wide financial infrastructure for derivatives, further scuppering US efforts to create a global market for the instruments.
UK inflation still in letter-writing territory
British CPI inflation in the year to December was 3.1%, down a full percentage point from the November figure but still significantly above the Bank of England's 2% target.
SWF nations poor on governance: SF Fed's Glick
A considerable gulf exists between the governance standards of the economies in which sovereign wealth funds have been established and the standards of the industrial economies in which they are seeking to invest, a paper co-authored by Reuven Glick, the…