News
Nordic banks and RBA join Fed swap club
The Federal Reserve on Wednesday stepped up efforts to counter money market tensions, establishing additional swap lines with the Reserve Bank of Australia and three Scandinavian central banks to meet demand for dollar loans.
HKMA counters rumours third-largest lender unsound
The Hong Kong Monetary Authority (HKMA) on Wednesday moved to placate fears that the Bank of East Asia, the territory's third-largest lender, is in trouble.
Iran appoints Bahmani as governor
Mahmoud Bahmani, the generally secretary of the Central Bank of Iran, is to take the helm after the sacking of Tahmasb Mazaheri, local media has reported.
Main Street feeling financial turmoil: Bernanke
Painting a bleak picture of the American economic landscape, Ben Bernanke, the chairman of the Federal Reserve, warned US lawmakers on Wednesday that events on Wall Street were beginning to impact the real economy.
Polish PM finally approves deputy nomination
Donald Tusk, Poland's prime minister, will give the nod to Witold Kozinski to become a deputy president at the country's central bank despite earlier misgivings regarding the economist's stance on currency intervention.
More banks will fail if we don't act: Paulson
Ben Bernanke, the chairman of the Federal Reserve, and Hank Paulson, the US Treasury secretary, have told lawmakers that a failure to rush through proposals for the purchase of up to $700 billion-worth of distressed assets would cripple the US economy.
Banks favour Frankfurt for dollar auctions
Results of the European Central Bank's (ECB) and Bank of England's dollar auctions indicate the Frankfurt-based institution's operations are attracting more bids because of its more lenient collateral rules.
South African inflation hits record high
South African inflation accelerated to 13.6% in the year to August, the highest level since the government began to compile the data in 1998.
Demand for one-month Fed money soars
The results of the latest of the Fed's Term Auction Facility operations signals the extent to which US banks are becoming ever more reluctant to lend to their counterparts.
Kuwait on standby to inject funds - reports
The Central Bank of Kuwait has said it is ready to pump funds into the country's banking system, local media reported Tuesday.
Goldmans, MS abandon model, seek Fed shelter
And then there were none. Goldman Sachs and Morgan Stanley, the last of the big five Wall Street investment banks, have abandoned their business model to secure greater Fed protection and soothe negative market sentiment.
Tehran ousts central bank governor
Mahmoud Ahmadinejad, Iran's president, has sacked Tahmasb Mazaheri, the governor of the country's central bank, after just 12 months in charge, state media reports.
UAE launches emergency facility
The Central Bank of the United Arab Emirates on Monday became the latest monetary institution to inject funds to alleviate interbank tensions, pledging Dh50 billion ($13.6 billion).
Sweden takes "precautionary" payments measure
The Riksbank has relaxed collateral rules for transactions through its RIX payments system as a precaution against money and bond market stress.
Denmark forced to back up second bank
The National Bank of Denmark has provided emergency liquidity to another of the country's banks, it emerged Monday.
Four announcements send stocks soaring
Stock markets surged on Friday on the news of sweeping crisis measures being introduced by the United States Treasury and other government institutions around the world.
What to look for in Paulson's plan
The sweeping arrangements from the US government to buy bad loans and assets from embattled financial institutions are expected to be announced late on Friday and the details will be discussed extensively over the weekend. Here is what to look out for.
Economists question initiative
Leading economists on Friday raised a number of questions about what was known or expected of the plan at the time. Most of the concerns related to how the government (either the Federal Reserve or the US Treasury) would determine at which price to buy…
Liquidity black holes
The current crisis has seen financial giants torpedoed by a lack of liquidity, which has rapidly transformed into questions over solvency. Conversations at SIBOS, the annual gathering of people in the business of liquidity delivery - payment system…
Sparks fly between Cox and McCain
Christopher Cox, the chairman of the Securities and Exchange Commission (SEC), and John McCain, the Republican president candidate, have clashed over McCain's comment that he would fire Cox if he were president.
Central banks return to collective action
After a series of individual efforts aimed at resolving money market tensions, the world's major central banks resorted to collective action on Thursday, injecting as much as $180 billion (€124.75 billion) into interbank markets through various swaps and…
Banking consolidation continues apace
After months of speculation of its weakest elements, the global banking sector has undergone what many are calling a long overdue consolidation within the space of a few days. Here's a summary of what has happened, its happening - and may happen next.
Russia announces emergency plan
The Russian authorities are preparing to spend $19.59 billion (€13.6 billion) in an effort to stabilise its financial markets as trading on its two main stock exchanges remain closed.
World Bank to "name and shame" remitters
The World Bank has launched an online database to "name and shame" providers of remittance services around the world.