News
Former BoA chief risk officer Curl joins Singapore's Temasek as president
Temasek has hired former BoA CRO Gregory Curl and promoted Simon Israel as co-presidents to work alongside existing president and former SGX chief executive, Hsieh Fu Hua
Rate round-up: Hungary, Israel hold on uncertainty
Continued uncertainty in global and domestic economy prompts Hungary, Israel to leave rates unchanged
Holocaust museum slams Romanian central bank over ruling on anti-Semite coin
US Holocaust Memorial Museum labels National Bank of Romania’s decision to keep anti-Semite coin in circulation “misguided”
Nepal to end circulation of banknotes featuring ousted king
Nepal Rastra Bank says it will phase out old notes depicting former monarch
Regional Fed staff to make way for foreign officials at Jackson Hole: reports
Reports say ticket allocation for regional Fed presidents and research directors will drop from two to one; New York Fed markets chief no longer on invite list
Basel bids to make bondholders pay price of failure
Basel Committee on Banking Supervision says all instruments classified as tier one and tier two capital bear some of the cost of taxpayer support
Romania keeps coin featuring anti-Semite in circulation
Romania says it will keep a controversial coin featuring an anti-Semite despite calls for ban by Jewish community
SEC makes landmark fraud charge against US state
Securities and Exchange Commission makes its first-ever case against a state, on grounds of securities fraud; New Jersey alleged to have misled bond investors on pension contributions it was making
Canada throws weight behind Basel III, lauding output gains
Bank of Canada says forthcoming capital and liquidity ratios will save the country nearly C$200 billion; stresses that Canada must not rest on laurels, not having experienced banking crisis
Lebanon sets in motion plans to create SWF
Lebanese energy bill paves way for creation of sovereign wealth fund; government aide says proceeds will be managed by the Ministry of Energy and Water
Ability of Bric nations to revive global economy exaggerated, say analysts
The contribution of Brazil, Russia, India and China to the world economy is still too small to compensate for low demand in advanced economies.
Rand volatility a by-product of open economy: Sarb’s Mminele
South African Reserve Bank deputy governor Daniel Mminele says currency fluctuations are to be expected; stresses opposition to fixed exchange rate, dropping inflation targeting
Banks overestimate Basel III’s impact on growth: regulators
Basel body says hiking capital ratios by one percentage point will only cause 0.19% drop in potential GDP as lower rates will cushion the blow; industry bodies remain unconvinced
Vietnam continues dong devaluation
State Bank of Vietnam devalues the dong for the third time in the past 12 months
Iceland slashes on strengthening króna
Central Bank of Iceland cuts rates by one percentage point as it prepares to buy foreign currency following króna gains
Beijing welcomes world into interbank capital market
People’s Bank of China grants foreign banks and central banks access to interbank bond markets for the first time; move inspired by need to internationalise the renminbi
King writes third letter in a row to government explaining above-target inflation
Bank of England governor Mervyn King pens year's third letter to account for inflation of more than one percentage point above target; stresses health of long-term expectations, but economists unsure
Nordic and Baltic regions strike financial stability deal
Eight Nordic and Baltic countries sign Memorandum of Understanding on cross-border financial stability and crisis management
Bank's Haldane: regulators must consider changing shape and structure of finance
Executive director for financial stability at the Bank of England says regulators should reconsider the structure of financial contracts, markets, and institutions
Potential limit on terms could lead to Wellink’s departure
Dutch finance minister proposes a 14-year limit on the tenure of central bank presidents; proposal could bring Nout Wellink’s reign as president of the Netherlands Bank to an end next year
Ex-PBoC’s Su new chair of country’s biggest electronic payments provider
Former People’s Bank of China deputy governor Su Ning made chairman of China UnionPay, country’s biggest payments service; Su replaces Liu Tinghuan, also formerly of the central bank
Fed toughens rules on consumer protection
Federal Reserve announces measures to protect mortgage borrowers from deceptive practices
Indian inflation back in single digits on back of Reserve Bank hikes
Official data on wholesale price index show inflation fell to 9.97% last month
Spanish bank borrowing from ECB continues to balloon
Spanish banks continue to depend on European Central Bank after stress tests exposed capital shortfalls