News
Australia lowers interest rates
AUSTRALIA - The Reserve Bank of Australia sliced interest rates by one-quarter percentage point on 5 September to offset weakening global economic activity and despite higher-than-forecast inflation.
Private Iran bank gains licence
IRAN - Iran's first private bank since the 1979 Islamic revolution has received a licence to begin operations as part of a wider package of economic reforms intended to restructure the state-controlled banking sector.
Taipei plans new assets law
TAIWAN - Taiwan's finance ministry has drawn up legislation on the securitisation of financial assets, a reform widely seen as essential to the success of efforts to put collateral held by banks burdened by bad loans back into circulation.
Asia-Pacific nations meet to battle global gloom
CHINA - Asia-Pacific finance ministers, grappling with a global slowdown and wide divisions over how to deal with it, gather this week in one of the few countries managing to thrive despite the slump - China.
Kazakh bank boss cuts beard as deposits top $1 bln
KAZAKHSTAN - Kazakh central bank boss Grigory Marchenko shaved off his beard on Wednesday, 5 September, - fulfilling a vow to sacrifice his whiskers once private deposits in Kazakh banks topped $1 billion, Reuters reports from Almaty.
Vajpayee plans economic boost for India
INDIA - Indian Prime Minister Atal Behari Vajpayee has unveiled a plan to revive his country's slowing economy with fresh reforms.
Top banker blasts Russian bank reform blueprint
RUSSIA - Central Bank head Viktor Gerashchenko criticised a blueprint for banking reform, saying in a letter to Finance Minister Alexei Kudrin that plans to divide banks into three tiers could damage the stability of the entire sector.
Oman enacts new law to combat money laundering
OMAN - Oman has enacted a new law was being enacted to combat money laundering, said a senior official.
Philippines C bank move to raise bank transparency
PHILIPPINES - The Philippine central bank will soon issue additional disclosure requirements to make banks more transparent, while encouraging more foreign participation in the local banking sector, said central bank deputy governor Alberto Reyes.
Indonesia's 2002 budget to be drained by debt
INDONESIA - Indonesia will unveil on 7 September a draft budget constrained by a mountain of debt that has left President Megawati Sukarnoputri's government with barren coffers and few options to prove it can fix the shattered economy.
Japan seeks compromise on IMF assessors
JAPAN - Japan has sought to defuse a looming row with the International Monetary Fund, having previously hinted that it might block an IMF assessment of its financial system.
Sharp rise in public fears over euro price hikes
BELGIUM - Governments in the 12-nation eurozone were given a stark warning yesterday about growing public concern that January's changeover to euro notes and coins will be exploited for unfair price rises.
Investigator is prepared to expose City watchdog
UK - The newly appointed independent investigator of complaints about the Financial Services Authority is happy with her powers despite being unable to force the City watchdog to pay compensation.
Banks get set for euro clearing
UK - The financial system took a significant step towards readiness for the single currency yesterday when the £300bn-a-day clearing system moved on to a euro-compatible platform.
NBU recommends quick euro change
UKRAINE - The National Bank of Ukraine is recommending that commercial banks quickly get rid of the national currencies of the member-countries of the European Currency Union in favour of the euro.
Fed chairman talks of limits to his powers
US - Greenspan says stock market swings, home price fluctuations are making consumer behaviour less predictable.
New euro notes and coins are on the move in europe
GERMANY - Finance Minister Hans Eichel told disbelieving Germans visiting his ministry on 2 September that the euro was stronger than the German mark in its relationship with other currencies.
ECB board members defend interest rate cut
SPAIN - European central bankers on 31 August said the ECB's decision to cut interest rates was based on receding inflationary pressures and rejected criticism the bank had waited too long to stimulate the Continent's flagging economy.
ECB reform mustn't lead to large member dominance
HOLLAND - Enlargement of the European Union and the euro zone will require reform of the European Central Bank and its governing council, but this mustn't result in a dominant position for the larger euro-zone members, Dutch central bank president Nout…
Belgian bank to start coin-collecting soon
BELGIUM - The Belgian National Bank (BNB) and the Belgian General Commission for the euro will launch a coin-collecting operation from October 15, 2001 to November 15, 2001, during which Belgians will be able to exchange coins for euro.
Argentine deposits up $257 mln to $75.09 bln
ARGENTINA - Total deposits in Argentina's banking system rose $257 million to $75.09 billion on 29 August, according to preliminary data released by the central bank.
Summary of the latest opinion polls on EMU
UK - Euro zone citizens are becoming more aware the euro will replace national currencies in 2002 but are also growing more concerned about possible price rises, according to a European Commission survey published on 3 September.
Russia to convert reserves of D-marks into euros
RUSSIA - Russia's central bank will convert a small part of its foreign currency reserves into euros following Europe's transition to its new currency, bank chairman Viktor Gerashchenko said on 3 September.
Visa expects global slowdown to weigh on card use
CHINA - The worldwide growth in sales involving Visa credit cards is expected to slow next year in line with a global economic slowdown, Visa International Chief Executive Officer Malcolm Williamson said 3 September.