News
Crisis triggered US review of SWF stance
American attitudes to sovereign investments have softened in the wake of the credit crunch and funds should not fear a regulatory backlash once normal conditions are restored, the chairman of the US Congressional Task Force on Sovereign Wealth Funds has…
Slovakia cuts rates in line with ECB
The National Bank of Slovakia shifted its policy rate for the first time in 17 months on Tuesday, cutting by half a point to 3.75% - on par with the European Central Bank's (ECB) benchmark borrowing cost.
Bank calls for systemic risk re-think
The Bank of England on Tuesday called for a strengthening of cross-border crisis management, criticising the decision by some authorities to offer blanket guarantees on deposits.
G7 voice concern on yen's rise, action likely
The G7 economies on Monday indicated that they could act on the yen's appreciation after the Nikkei 225 index of leading shares in Tokyo slumped to a 26-year low on fears a strong currency would cripple the country's exporters.
IMF pledges $18.6bn to Ukraine, Iceland
The International Monetary Fund (IMF) has agreed multi-billion dollar loans with Reykjavik and Kiev, and said it is close to agreeing terms for Hungarian assistance.
IMF chief apologises for affair
Dominique Strauss-Kahn, the managing director of the International Monetary Fund (IMF), has apologised for an affair with a former staff member, saying the relationship was "a serious error of judgment."
Korea cuts by 75bp on signs of slowdown
The Bank of Korea on Monday slashed its key rate by 75 basis points in a surprise move to counter an economic slowdown. The central bank also broadened its collateral rules to include some mortgage-backed securities on signs of a liquidity shortage.
Kuwait guarantees deposits as major bank falters
Kuwait became the latest country to issue a blanket guarantee on all deposits after it emerged on Sunday that one of its largest banks had made a loss.
Markets plunge on recession fears
Confirmation of a sharp contraction in the UK economy and fears of a similarly grim outlook elsewhere sparked a global sell-off in equities and commodities on Friday.
Caruana, Ortiz, Ingves interviewed for BIS job?
Jaime Caruana, Guillermo Ortiz and Stefan Ingves are the candidates for the top job at the Bank for International Settlements (BIS), a leading German financial daily reported on Friday.
Yamaguchi named new Bank of Japan deputy
Hirohide Yamaguchi has been made deputy governor at the Bank of Japan, filling a position vacant since March.
Fed $2.7bn down on Bear, GSE sell-off continues
The value of the assets held on the Federal Reserve's books as collateral for its $29 billion loan to failed investment bank Bear Stearns fell by 9.2% over the third quarter, it emerged Thursday. Data also showed foreign central banks flight from Fannie…
Denmark bucks trend with rate hike
The National Bank of Denmark unexpectedly raised rates by half a point to 5.5% on Friday to support the krone.
We were powerless to save Lehman, says Paulson
The US Treasury and the Federal Reserve had to let Lehman Brothers fail because the now-defunct investment bank did not have enough good collateral on its books to guarantee a Fed loan, Hank Paulson, the US treasury secretary, has said.
ECB's Heinonen scoops lifetime achievement award
The man who oversaw the euro cash changeover has been honoured with a lifetime achievement award from the International Association of Currency Affairs, a trade body for the currency industry.
New Zealand chops a point off rates
The Reserve Bank of New Zealand slashed its benchmark rate by a full percentage point on Thursday, citing concerns over global growth.
Greenspan backs bailout, more regulation
Alan Greenspan, a former chairman of the Federal Reserve seen as a fierce advocate of free markets, on Thursday said he supported both the US Treasury's $700 billion bailout plan and greater regulation of the financial system.
Riksbank cuts to counter higher borrowing costs
The Riksbank cut rates by half a point on Thursday, and pledged to loosen further, to temper tighter credit conditions in Sweden.
First global summit set for 15 November
Leaders from the Group of 20 countries will gather in Washington DC on 15 November to discuss the global financial crisis and the world economy, the White House said on Wednesday.
ECB's Bini Smaghi pans US for Lehman collapse
A top European Central Bank (ECB) official has condemned Washington's decision to let Lehman Brothers, a now-defunct investment bank, go bust last month.
Forint's slide prompts drastic hike in Hungary
The National Bank of Hungary on Wednesday hiked rates by 300 basis points to 11.5% on Wednesday after the forint's slump against the euro intensified.
King justifies re-capitalisation
With banking conditions at their direst since the beginning of First World War, the British Treasury had to re-capitalise the country's ailing banking sector, said Mervyn King, the governor of the Bank of England.
Obama turning to ex-Fed's Volcker on economy
Barack Obama, the Democratic candidate for the United States presidency, is increasingly relying on Paul Volcker, a former chairman at the Federal Reserve, for advice on the economy, reports suggest.
Fed buys commercial paper from money-market funds
The Federal Reserve announced on Tuesday that it will start buying commercial paper from money-market mutual funds.