News
ECB and World Bank call for exemptions from US derivatives rules
World Bank believes imposition of national regulations on multilateral development institutions is unprecedented intrusion on the internal operations of international organisations
UK abandons plan to end cheque use
Method of payment will exist for “as long as customers” need, says Payments Council
Upheaval at Bank of Israel
New directors of the research and market operations departments; long-serving director of human resources and administration department resigns
China insists local government debt is ‘manageable’
People’s Bank of China dismisses claims local government financing vehicles owe 14 trillion yuan; says risks from the debts are manageable
King receives 2.5% pay rise
Bank of England 2010 Annual Report shows governor Mervyn King’s starting minimum salary for 2010 increased to £375,000; deputy governors also receive pay rise
Basel and Dodd-Frank create arbitrage potential, say analysts
Removal of credit ratings under Dodd-Frank will create arbitrage opportunities – and is already being exploited by some US banks, research claims
Weber gains clearance to join UBS
Eurozone and German central bank give former Bundesbank president Axel Weber green light to join UBS in May
European debt concerns spark bond market sell off
European bond markets tumble amid growing concerns over Italy’s ability to tackle its fiscal deficit; uncertainty over Greek rollover adds to market uncertainty
Sudan relinquishes control of financial system in the South
Measures to relinquish control of southern financial system following independence declaration of South State
US will resolve debt crisis by August 2: Obama
President Barack Obama says failure to raise the US debt ceiling would be “not acceptable”
BIS report highlights steps to curb sovereign debt risks
Basel working group outlines measures central banks can introduce to mitigate the risks associated with sovereign debt
Former Vietnamese governor suspended over corruption scandal
After reports implicate Le Duc Thuy, a former governor of the State Bank, the country’s prime minister forces him out of public service
BoE’s Haldane highlights increasing risks from high-frequency trading
Bank of England executive director of financial stability Andrew Haldane outlines policy measures to reduce systemic threat posed by high-frequency trading
New lending rules for Chinese SMEs overlook deeper structural issues in credit market, say analysts
China Banking Regulatory Commission introduces new measures to boost lending to small businesses; analysts say real problems lie in regulatory framework that favours the state sector
Fed's Hoenig warns of risks from late rate rise
Kansas City Federal Reserve president Thomas Hoenig urges Federal Open Market Committee to begin moving out of very accommodative monetary stance
T2S framework agreement delayed due to four remaining issues
There are four remaining issues that are delaying the forthcoming Target-2 Securities (T2S) framework agreement, according to an industry leader from the European Central Bank (ECB).
Regulators may not have authority to delay Dodd-Frank, warn lawyers
Some lawyers claim the CFTC and SEC may not have power to delay enforcement of the Dodd-Frank Act – a grey area that could lead to disputes
ECB rate hike highlights continued divergence with BoE
European Central Bank raises interest rates by 25 basis points as Bank of England holds for 28th month in a row; more expected from Frankfurt in 2011
China’s July rate hike will be last for 2011, say analysts
Analysts say slowdown in growth suggests People’s Bank of China will not hike rates beyond Wednesday’s 25-basis-point rise
Lagarde calls for greater legitimacy at Fund
Recently appointed IMF managing director Christine Lagarde lays out preliminary strategy for Fund; says legitimacy and diversity will play key role in future
RBI asked to regulate entire microfinance sector
Reserve Bank of India to receive powers to regulate entire microfinance sector under proposed bill
Portugal downgrade reignites sovereign debt fears
Moody’s downgrades Portugal’s credit rating four notches to junk status; decision sends shudders through European markets as contagion spreads across periphery
Hungary’s Simor under fire over financial loss
National Bank of Hungary governor András Simor defends management record after predecessor criticises $224 million loss
Uganda launches early retirement scheme
Two-hundred and fifty employees at the Bank of Uganda have retired as the retirement age is reduced to 55 years old