News
Japan steps harder on fiscal pedal
The Japanese cabinet has approved an additional $54 billion fiscal spending package to try to ease the deepening recession in the world's second largest economy.
Political turmoil in Ukraine over CB loan
Yulia Tymoshenko, Ukraine's prime minister, has called for the resignation of Viktor Yushchenko, the president and former head of the country's central bank, after accusing him of profiting from bets against the currency last week as the country…
Strauss-Kahn stresses need for fiscal spending
Dominique Strauss-Kahn, the managing director of the International Monetary Fund (IMF), has again called on governments to increase their spending programmes in 2009.
Paulson wants more cash as Tarp bails out Detroit
Hank Paulson, the US treasury secretary, has called for Congress to hand over the remainder of the $700 billion in taxpayer funds allocated to the Troubled Asset Relief Plan (Tarp). Paulson's pleas followed news that George W. Bush, the US president,…
Pound could sink to par with euro "within weeks"
The pound will reach parity against the euro on the back of a stream of poor news on the macro front and expectations on interest rates, market participants say.
Japan acts to ease lending strains, cuts to 0.1%
The Bank of Japan has shaved two-tenths of a percentage points off its key rate and introduced a raft of measures aimed at easing financing tensions in the run-up to the year-end, including outright purchases of commercial paper.
Turkey cuts by 125 basis points
The Central Bank of Turkey cut its key rate by 125 basis points on Thursday after the slowdown in the Turkish economy showed signs of intensifying.
Finland names acting head for new regulator
Anneli Tuominen, will become the first head of the Financial Supervisory Authority, Finland's new financial regulator.
ECB to keep one-governor, one-vote system for now
The European Central Bank's (ECB) Governing Council has gone back on the voting structure set out in its statute and opted to keep its one-governor, one-vote regime until the number of eurosystem central banks exceeds 18. The central bank also said that…
Obama picks SEC head and Fed governor
Barack Obama, the US president-elect, has named Mary Schapiro, the chief executive of the Financial Industry Regulatory Authority (FINRA), as the new head of the Securities and Exchange Commission (SEC). The president-elect also appointed Daniel Tarullo,…
Philippines cuts as World Bank pledges $200m food
The Central Bank of the Philippines lopped half a point off its key rate on Thursday as the World Bank approved a $200m loan to ensure the country's poor would have basic foodstuffs amid the growth slowdown.
Demand soars for high-value euro notes
The value of €500 ($715) notes in circulation surged past a quarter of a trillion euros in 2008 to reach €262 billion in November.
Indian inflation plummets as fuel prices drop
India's key inflation measure has dipped by more than a percentage point over the course of a week.
Russia, Nigeria devalue, shun "losing battle"
The Nigerian and Russian central banks have both said that they will allow their currencies to depreciate to protect their reserves stockpile. The actions signal Moscow and Abuja have acknowledged that the real values of their currencies have weakened in…
Norway slashes rates on "major shocks"
Norges Bank has followed the Riksbank's lead in chopping 175 basis points off its key rate. Exposure to "new major shocks" sparked the move, which leaves the central bank's key rate at 3%. Elsewhere, three other central banks cut their key rate by 50…
Fed cut a psychological boost but little more
At face value, Tuesday's Federal Open Market Committee statement was an historic move that underlined the US central bank's commitment to do all it can to counter the crisis. But, though the statement met with widespread approval from the markets, it…
Norwegian SWF looks to block Buffett takeover
Norway's sovereign wealth fund has filed a lawsuit to block a proposed takeover of a company it part-owns by Berkshire Hathaway, the holding company headed by Warren Buffett, an investor.
Old Lady mulled another mammoth move
The Bank of England's Monetary Policy Committee (MPC), which slashed rates by a percentage point to take them to an all-time low earlier this month, considered backing an even larger move, the minutes of the meeting reveal.
UK inflation falls as King writes letter
British inflation fell in November but remains far above the Bank of England's target, obliging Mervyn King, the governor of the central bank, to write another letter explaining why inflation remains so high and what the Bank is doing to bring it down.
Norway to tap oil wealth
The Norwegian is expected to spend more of its oil revenues to avoid a severe recession, and might draw on the assets of its $332 billion (£222 billion) sovereign wealth fund to finance a new fiscal spending package.
Cameron talks tough on bankers
David Cameron, the leader of the opposition Conservative Party in Britain, has talked tough on going after "irresponsible" City bankers.
Saudi announces half-a-point cut
The Saudi Arabian Monetary Agency, Saudi's central bank, reduced its repo rate from 3% to 2.5% on Tuesday.
Swedes and Danes offer €500m swap to Latvia
The Danish and Swedish central banks offered swap lines worth half a billion euros to Latvia's central bank on Tuesday.
Hildebrand calls for restrictions on leverage
Philipp Hildebrand, the vice-chairman of the Swiss National Bank (SNB), said excess leverage was the main cause of financial fragility and the current global banking crisis, and called for restrictions on leverage ratios.