News
Nigeria close to setting up sovereign wealth fund
President Goodluck Jonathan proposes legislation to national assembly that will pave the way for a sovereign wealth fund, say reports
Impact of Basel III core capital standards remains unclear, analysts say
As governors back higher capital standards, ex-Bank of England special adviser argues economic impact remains difficult to pin down; commentators say reforms do not address risk attitudes
Shirakawa named Asian Consultative Council chair
Bank of Japan governor Masaaki Shirakawa will take over from Bank Negara Malaysia chief Zeti Akhtar Aziz as chair of council housed within Bank for International Settlements
Canada’s Carney pushes for change in global monetary order
Bank of Canada governor warns international monetary system “an increasingly unstable hybrid of fixed and floating regimes”; cites role of G20 as premier forum for economic cooperation
Growth in European cashless payments subsides
European Central Bank payments statistics shows amount of non-cash payments increased but at a slower rate than in previous eight years
Peru raises reserve requirement in bid to stem capital inflows
Central Bank of Peru increases reserve requirement on overseas loans to 75%
Goolsbee to replace Romer at helm of Council of Economic Advisers
Former University of Chicago professor Austan Goolsbee named as successor to Christina Romer
Rate round-up: Canada, Peru hike as Sarb cuts
Canada hikes rates while South Africa cuts on rising rand; continued uncertainty in global economy prompts Korea, Japan and Australia to keep rates steady
IMF sells ten tonnes of gold to Bangladesh Bank
Sale to Bangladesh Bank takes total Fund gold sales to 310 tonnes
Hedging activity growing in the Philippines
While authorities in the West increase derivatives regulation, the Bangko Sentral ng Pilipinas has liberalised rules governing both hedging and yield enhancement markets in the past few years. Despite the challenges in expanding penetration in a market…
Sarrazin quits Bundesbank
Bundesbank executive board member Thilo Sarrazin leaves central bank after other board members called for his dismissal over anti-Semitic remarks
Britain names new head of fiscal watchdog
Institute for Fiscal Studies director Robert Chote is chancellor George Osborne’s choice to head government’s Office for Budget Responsibility; Chote likely to be approved by Treasury Select Committee
Pakistan confirms Kardar as governor
Former regional finance minister Shahid Kardar appointed as governor of State Bank of Pakistan for three-year term
OECD warns on global slowdown
G7 growth set to slow to 1.5% in the second half of the year; chief economist advocates more QE if slowdown does become entrenched
Beige Book points to gloomy outlook for US economy
Reports from twelve regional Federal Reserve districts add further weight to fears of double dip; say weakness in housing market tempering recovery
Subbarao concerned over Basel III countercyclical measures
Reserve Bank of India governor Duvvuri Subbarao cites concern over variable likely to be used to calibrate countercyclical buffers
Dublin to split troubled lender
Anglo Irish to be split after more than a year-and-a-half of state ownership
Basel Committee has agreed on capital ratio: Buba’s Zeitler
Senior officials set to meet on Sunday to discuss the proposal
International bodies fulfil G20 recommendation on information gaps
European Central Bank, Bank for International Settlements and IMF publish second part of Securities Statistics Handbook to address information gaps
Hungary told to lift cap on central bankers’ pay
European Commission says Hungary could face legal action if it does not lift salary cap on central bank employees
Pakistan set to pick bureaucrat as next governor
Islamabad looks likely to break with trend and pick former government official Shahid Kardar as next State Bank of Pakistan governor, reports say
EXCLUSIVE: Don’t rely on near-zero rates, says Rajan
Former IMF chief economist Raghuram Rajan warns the Federal Reserve has no quick fixes to solve United States’ economic ills but says Bernanke right man for the job
De La Rue says staff falsified banknote tests
Banknote printer says investigation into printing irregularities has revealed staff at Hampshire plant deliberately falsified paper specification tests
Margaret Cole joins UK FSA Board
Financial Services Authority promotes Margaret Cole to board as managing director of enforcement and financial crime