News
Economists back Bernanke
Private-sector economists have come out in strong support of Ben Bernanke, the embattled chairman of the Federal Reserves, suggesting that the new Obama administration should reappoint him in January 2010.
Draghi supports move to expand FSF
The chairman of the Financial Stability Forum (FSF) has welcomed calls by the finance ministers and central bank governors of the G20 to expand the group's membership.
Bernanke "ready to take additional steps"
Ben Bernanke, the chairman of the Federal Reserve, says policymakers around the world will remain in close contact as "challenges remain for the global economy."
Eurozone in recession
The eurozone is in recession following the release of official statistics on Friday that showed that its economy contracted for the second quarter in a row.
Pakistan lifts rates to stem crisis
The State Bank of Pakistan raised interest rates by 2% in an attempt to control inflation, which has spiralled to 25%.
Nowotny blasts "lead supervisor" approach
Ewald Nowotny, the governor of the Austrian central bank, has strongly criticised the so-called "lead supervisor" approach to the regulation of global banks.
El-Erian sees "very bumpy road" ahead
Mohamed El-Erian, one of the world's most successful investors and a former deputy director at the International Monetary Fund (IMF), says the current crisis underlines the fact the infrastructure did not support the activities taking place in financial…
SWF growth to slow
Stephen Jen, an economist at Morgan Stanley, has adjusted downward his estimate of the growth of sovereign wealth funds in the coming years.
Russia raises rates to help the rouble
Russia's central bank has hiked its key interest rate by 100 basis points to 12% in an attempt to reduce an outflow of money and curb the decline in the value of the rouble.
ECB collateral to include non-euro debt
The European Central Bank (ECB) will for the first time accept European bonds denominated in dollars, sterling and yen as collateral as of 14 November, the central bank said on Wednesday.
Paulson continues Tarp U-turn
Henry Paulson, the US secretary of the treasury, has signaled a further shift in the way the administration will use the $700 billion at its disposal under the Troubled Asset Relief Program (Tarp), by saying purchasing bad assets from financial…
Bank of England sees deep recession
The Bank of England sharply adjusted its outlook for growth and inflation in the British economy, saying it was "very likely" that the UK was already in a recession that could last until 2010.
Slovakia rates to keep up with the ECB
The National Bank of Slovakia (NBS) on Tuesday decided, at an irregular monetary meeting, to cut its key rate by half a point to 3.25%.
Russia's Ignatiev signals loosening of rouble peg
The head of Russia's central bank on Monday indicated Moscow could loosen its grip on its exchange rate regime.
Carmaker to borrow from ECB
Volkswagen, a German carmaker, plans to tap the European Central Bank (ECB) for a €2.3 billion ($2.9 billion) loan in December.
RBI may need to cut again: former governor
Bimal Jalan, a former governor of the Reserve Bank of India, has said the institution could have to cut rates again so that banks can lower borrowing costs to a level businesses and the public can afford.
Top economists have their say on G20 summit
A group of 21 of the world's most prominent economists have called on officials from the G20 countries meeting in Washington this weekend to start thinking outside the box about longer-term reforms.
People's Bank pledges Rmb100 billion by year-end
The People's Bank of China will loan banks Rmb100 billion ($14.6 billion) by the end of December as part of Beijing's efforts to stave off a slowdown in growth.
Bloomberg sues Fed
Bloomberg, a news agency, filed a lawsuit against the Federal Reserve on Friday, alleging that the central bank had refused to disclose public information.
Regulator slams calls for IMF supervisory role
A senior European regulator has launched a scathing attack on politicians' calls for the International Monetary Fund (IMF) to take a leading role in supervising the global economy.
Washington restructures loan to save battered AIG
The Treasury is to take a $40 billion stake in American International Group (AIG), once the biggest insurance company in the world, as part of a restructuring of the firm's $122.8 billion Federal Reserve loan.
DSK calls on G20 to bolster IMF coffers
Dominique Strauss-Kahn, the managing director of the International Monetary Fund (IMF), has urged G20 leaders to discuss ways to boost the Fund's resources at this weekend's summit.
Global banks want greater role for FSF
An enhanced Financial Stability Forum (FSF) should regulate the most important financial institutions, the global banking industry has said.
Eurozone banks clamp down on gloomy outlook
Eurozone banks are applying ever more-stringent conditions on the region's borrowers on fears of a worsening of economic activity.