News
Irish economy to shrink by 7%: central bank
The Irish economy is set for an even worse year than previously thought, according to the latest forecast by the country's central bank.
Congress clamps down on Fed opacity
Pressure on the Federal Reserve to declare the recipients of its loans stepped up on Thursday after the Senate backed legislation which supports the outlawing of Fed borrowers' anonymity.
Fed bailout critic Stern to step down
Gary Stern, the president of the Minneapolis Federal Reserve and a vociferous critic of the Fed's recent bailouts, is to retire. He is the longest-serving senior Fed official.
RBI prepares for 75th anniversary
The Reserve Bank of India (RBI) commemorated entering its 75th year on Wednesday with a speech by the governor, who announced plans to mark its platinum jubilee.
Tarp could cost taxpayers more
The Congressional Budget Office has raised its estimate of the ultimate cost to taxpayers of the $700 billion Troubled Asset Relief Program (Tarp) by 51%.
FSF details reform proposals
A leverage ratio, less risky pay deals and closer work on cross-border contingency planning are among the measures for a new global regulatory code outlined by the Financial Stability Forum on Wednesday.
Markets surge on G20 $1 trillion recovery package
Equity markets in Europe and the United States soared on Wednesday on news that global leaders had pledged an extra $1 trillion to spur an economic recovery.
Harsh standards prompt drop in secured UK loans
Tighter lending conditions have sparked the steepest-ever climb in British housing equity in the last quarter of 2008.
Agenda set for derivatives industry
A meeting at the New York Federal Reserve on Wednesday of the major players in the over-the-counter derivatives market culminated in a four-point agenda for the industry.
Fiji appoints new financial markets head
Faizul Ariff Ali is the new chief manager of the Reserve Bank of Fiji's financial markets division, the central bank announced on Wednesday.
All US states contract for first time on record
The economies of all of the 50 American states shrank in February for the first time since records began in January 1979.
G20 protests converge on Bank of England
The Bank of England on Wednesday was surrounded by anti-capitalist protesters, converging on Threadneedle Street to vent their anger at the crisis on the eve of the London G20 summit.
Banks reforming pay deals, says industry group
The Institute of International Finance (IIF), a global organisation for the banking industry, has said that financial firms are overhauling their compensation practices to reflect a longer-term outlook.
Mexico may tap Fed, IMF credit lines
Felipe Calderon, Mexico's president, said on Tuesday that the country was eligible to take a $40 billion credit line with the International Monetary Fund (IMF) as speculation mounted that the Bank of Mexico would soon use its $30 billion arrangement with…
China vows to expand currency-swap operations
The People's Bank of China pledged on Tuesday to expand its network of swap lines with other central banks days after agreeing a Rmb70 billion ($10.2 billion) arrangement with Argentina.
Euro inflation at new low, OECD wants more easing
The OECD on Tuesday urged the European Central Bank (ECB) to cut rates further and apply quantitative easing in a bid to stave off a severe economic contraction. The calls came as it emerged eurozone annual inflation in March had dropped to its lowest…
Wellink: long-term fix will abate near-term fears
A clear outline of the post-crisis regulatory landscape would help allay short-term fears, Nout Wellink, the president of the Netherlands Bank and the chairman of the Basel Committee on Banking Supervision, has said. Wellink also indicated that the…
Soros urges G20 to agree on SDR reallocation
George Soros, one of the world's most renowned hedge-fund managers, has called on G20 leaders to endorse the reallocation of rich country's SDR quotas with the International Monetary Fund (IMF).
Spain appoints new deputy amidst first bailout
The Spanish government named Francisco Javier Ariztegui as the Bank of Spain's new deputy governor on Friday.
SWFs look beyond Santiago
Although agreement on the Santiago Principles for sovereign wealth funds represents a remarkable achievement, the proof of their effectiveness will come in the implementation phase that has now started.
ECB issues Sepa "expectations"
The European Central Bank (ECB) published a list of expectations on Friday for how it would like to see stakeholders act to implement the Single Euro Payments Area or Sepa, amid concerns that the initiative will be swept aside by the financial crisis.
We won't let banks fail - Nigeria's Soludo
Chukwuma Soludo, the governor of the Central Bank of Nigeria, said on Monday that the central bank will not allow any of the domestic banks to fail.
Zhou warns against trust in external ratings
Zhou Xiaochuan, the governor of the People's Bank of China, voiced concern about the role of rating agencies in an essay posted on the central bank's website.
Zimbabwean prices stabilise after dollarisation
Zimbabwe's Central Statistical Office has announced that prices in the ravaged Southern African nation have started to fall since the adoption of the US dollar.