News
Basel-offshoot calls for more consistency
Joint Forum publishes recommendations to standardise cross-border regulation in banking, insurance and securities
Argentine president fires Redrado
Governor dismissed by presidential decree on Thursday evening following his refusal to hand over reserves
Fed should hike to 3.5% soon: FOMC’s Hoenig
Thomas Hoenig, president of the Kansas Fed, says the central bank cannot afford to wait for recovery to firm before tightening
Denmark lops off 5 basis points to contain krone
National Bank of Denmark cuts its key rate to 1.15%, as the latest in a series of reductions since last August to halt krone appreciation
Korea holds amid concern over government influence
Bank of Korea leaves the cost of borrowing at 2% for 11th straight month; concern that presence of a minister at meetings will curtail independence
Argentina’s Redrado clings to position
Buenos Aires wants former governor Mario Blejer to take over following governor’s questioning of plan to raid reserves
Bakani named new Papua New Guinea governor
Bank of Papua New Guinea’s Loi Bakani succeeds Sir Wilson Kamit
Lawmakers voice fears for gilt demand
Treasury Committee says end to quantitative easing could lead to gilts sales falling short and funding costs rising
Politician seen as likely replacement for Buba’s Fabritius
Reported move raises fears Bundesbank becoming increasingly politicised
Israel’s Fischer asked to serve second term – reports
Stanley Fischer reportedly asked by Israel’s prime minister to serve a second term at the Bank of Israel
Let the yuan appreciate: leading Chinese think tank
Chinese Academy of Social Sciences argues for a one-off 10% appreciation of the yuan as international calls intensify
ECB’s Stark: EU won’t bail out Greece
Markets see rhetoric as an attempt to pressurise Athens into making fiscal adjustments
Taylor-rule author blasts Bernanke’s argument
Economist John Taylor says Bernanke was wrong to argue that low interest rates were not a factor in the housing bubble that led to the financial crisis
Senator who proposed Fed overhaul to retire
Senate Banking Committee chairman Chris Dodd, who produced a sweeping bill that seeks to limit Fed power, announces that he will not seek re-election
Euroclear appoints new CEO
Settlement services provider names HSBC’s Tim Howell as replacement from Pierre Francotte
Iceland’s president vetoes $5.5 billion repayment
Decision underlines uncertainty caused by cross-border banking collapse; sparks rating-agency downgrade
Inflation targeting insufficient: China’s Zhou
People’s Bank of China’s Zhou Xiaochuan says targeting low inflation alone is inadequate, particularly in light of the financial crisis
Massive debts will stunt growth: Reinhart and Rogoff
Carmen Reinhart and Kenneth Rogoff say on current debt trends, growth rates are set to fall substantially in four years’ time
Nigeria dismisses sacking allegations
Central Bank of Nigeria says claims it told banks to sack staff unfounded
Romania cuts by half point
National Bank of Romania reduces key rate in bid to meet inflation target
Bank of Estonia leads the way in slashing budget
Estonian central bank sets an example by cutting costs by 10%, with EEK 1 m drop in staff costs; also expects income from reserves to fall
China should turn to oil: senior central banker
People’s Bank of China director says country should invest in oil and other resources; dismisses suggestion that reserve accumulation will force yuan appreciation
World’s biggest bond fund cuts back on gilts and treasuries
Pimco says it will reduce its holdings of US and UK government debt on concerns over rising debt and the withdrawal of asset purchase programmes
Bernanke: low rates didn’t spur housing bubble
Federal Reserve’s Ben Bernanke says direct linkages between low federal funds rate and rise in house prices weak; fix regulation not monetary policy