News
OECD and South Africa to set up first African sovereign debt management centre
New centre will train African government officials in managing sovereign debt and set up a government debt database for the region
RBI wants new law to better regulate financial companies
Reserve Bank of India working group wants all large financial groups to be governed by new financial holding company structure; central bank would serve as regulator
Libyan SWF investments exposed
Leaked Libyan Investment Authority document offers insight into sovereign wealth fund's strategy
Lagarde confirms IMF candidacy, Brics unhappy
Finance minister of France throws her hat into the ring as candidate for next managing director of IMF; Brics condemn practice of choosing leader based on nationality
OECD calls for Fed and BoE to hike rates
OECD says close-to-zero policy rates in advanced countries are no longer needed; urges Federal Reserve and Bank of England to start raising rates
Ireland clears way for greater central bank power
New Bill allows central bank to step in when banks are “failing or likely to fail”; will be able to shift assets to other institutions or replace management at a troubled bank
RBA should cede control over senior pay, says Australian lawmaker
Australian senator Bob Brown calls for senior pay at Reserve Bank of Australia to be independently set by external panel; governor Glenn Stevens could see pay package cut
UK FSA’s handling of bank failure under review
Review of the British regulator’s report into the failure of Royal Bank of Scotland must assess whether report is “fair and balanced”; authority itself in line for close scrutiny
Fed veteran joins Barclays
Former Federal Reserve director of monetary affairs Brian Madigan appointed senior policy adviser at Barclays Capital
UK financial markets and policies under fire
Parliamentary hearings attack the Bank of England set-up, financial stability reform and commission proposals
Fed to kick off annual stress-testing programme 'towards end of the year'
FRB building models to compare and benchmark bank results from late 2011
BoE’s Tucker slams regulators over rating agency failures
Bank of England deputy governor Paul Tucker says mechanistic reliance on rating agencies was a great mistake
Malta establishes financial stability forum
New forum includes members from authorities and key stakeholders in financial services industry; governor wants to ensure crisis never comes to Malta
De La Rue profits nose-dive
UK banknote printer De La Rue reports 63% decline in operating profits after racking up large costs from a “single customer”
Worry about Greek CDS misguided, dealers suggest
Dealers believe fears about Greek sovereign CDS trigger event are overplayed
Central banks risk amplifying tightening cycle
Working group review on sovereign debt management issues warns that lack of communication between central banks and debt managers risks amplifying tightening cycles
Selection process gets underway to find next IMF managing director
Nomination period commences; managing director will be chosen by executive board before the end of June; decision will be made “without geographical preferences”
S&P places Italy on negative outlook
Standard & Poor's places Italy’s long-term credit rating on negative outlook; analysts say downgrade not expected in near term
IMF approves €26 billion extended arrangement for Portugal
IMF agrees extended support of Portugal; political cooperation allow plans to progress
Malaysia announces new banknotes and coins for 2012
Bank Negara Malaysia to issue new banknotes and coins; design will be “distinctively Malaysia”
New chief economist for SEC
Vanderbilt professor Craig Lewis named SEC chief economist and director of RiskFin Division
Surprise choice for Dutch central bank chief
The Netherlands Bank announces Klaas Knot as next president; previous favourite Lex Hoogduin decides to leave central bank
IMF leadership race heats up
Central bankers from around the world have differing views; Lagarde still leads
Greek reprofiling risks spreading contagion: Buba’s Weidmann
Bundesbank president Jens Weidmann says restructuring of Greece’s bonds would make it “impossible” to accept its debt as collateral at European Central Bank