News
Korea cuts by 75bp on signs of slowdown
The Bank of Korea on Monday slashed its key rate by 75 basis points in a surprise move to counter an economic slowdown. The central bank also broadened its collateral rules to include some mortgage-backed securities on signs of a liquidity shortage.
Kuwait guarantees deposits as major bank falters
Kuwait became the latest country to issue a blanket guarantee on all deposits after it emerged on Sunday that one of its largest banks had made a loss.
Markets plunge on recession fears
Confirmation of a sharp contraction in the UK economy and fears of a similarly grim outlook elsewhere sparked a global sell-off in equities and commodities on Friday.
Caruana, Ortiz, Ingves interviewed for BIS job?
Jaime Caruana, Guillermo Ortiz and Stefan Ingves are the candidates for the top job at the Bank for International Settlements (BIS), a leading German financial daily reported on Friday.
Yamaguchi named new Bank of Japan deputy
Hirohide Yamaguchi has been made deputy governor at the Bank of Japan, filling a position vacant since March.
Fed $2.7bn down on Bear, GSE sell-off continues
The value of the assets held on the Federal Reserve's books as collateral for its $29 billion loan to failed investment bank Bear Stearns fell by 9.2% over the third quarter, it emerged Thursday. Data also showed foreign central banks flight from Fannie…
Denmark bucks trend with rate hike
The National Bank of Denmark unexpectedly raised rates by half a point to 5.5% on Friday to support the krone.
We were powerless to save Lehman, says Paulson
The US Treasury and the Federal Reserve had to let Lehman Brothers fail because the now-defunct investment bank did not have enough good collateral on its books to guarantee a Fed loan, Hank Paulson, the US treasury secretary, has said.
ECB's Heinonen scoops lifetime achievement award
The man who oversaw the euro cash changeover has been honoured with a lifetime achievement award from the International Association of Currency Affairs, a trade body for the currency industry.
New Zealand chops a point off rates
The Reserve Bank of New Zealand slashed its benchmark rate by a full percentage point on Thursday, citing concerns over global growth.
Greenspan backs bailout, more regulation
Alan Greenspan, a former chairman of the Federal Reserve seen as a fierce advocate of free markets, on Thursday said he supported both the US Treasury's $700 billion bailout plan and greater regulation of the financial system.
Riksbank cuts to counter higher borrowing costs
The Riksbank cut rates by half a point on Thursday, and pledged to loosen further, to temper tighter credit conditions in Sweden.
First global summit set for 15 November
Leaders from the Group of 20 countries will gather in Washington DC on 15 November to discuss the global financial crisis and the world economy, the White House said on Wednesday.
ECB's Bini Smaghi pans US for Lehman collapse
A top European Central Bank (ECB) official has condemned Washington's decision to let Lehman Brothers, a now-defunct investment bank, go bust last month.
Forint's slide prompts drastic hike in Hungary
The National Bank of Hungary on Wednesday hiked rates by 300 basis points to 11.5% on Wednesday after the forint's slump against the euro intensified.
King justifies re-capitalisation
With banking conditions at their direst since the beginning of First World War, the British Treasury had to re-capitalise the country's ailing banking sector, said Mervyn King, the governor of the Bank of England.
Obama turning to ex-Fed's Volcker on economy
Barack Obama, the Democratic candidate for the United States presidency, is increasingly relying on Paul Volcker, a former chairman at the Federal Reserve, for advice on the economy, reports suggest.
Fed buys commercial paper from money-market funds
The Federal Reserve announced on Tuesday that it will start buying commercial paper from money-market mutual funds.
Canada cuts rates further
Canada's central bank cut its key interest rate by a quarter-point on Tuesday, saying the country's economy needs the stimulus to ward off the effects of a recession in the United States.
Interbank rates ease further
The cost of borrowing three-month funds in interbank markets on Tuesday extended the declines registered over the preceding six trading days.
Russia in currency-swap clampdown
With rouble under increasing strain, the Central Bank of Russia has announced stringent new limits on the maximum amount of currency swaps that may be traded each day.
RBI strikes day after rate cut
An employee strike at the Reserve Bank of India shut down trading on the Mumbai bond exchange on Tuesday.
Korea guarantees banks' foreign debt
The Korean government has announced bolds initiative to help its financial institutions overcome difficulties in securing overseas funding.
ING gets Dutch lifeline
ING, the biggest financial services firm in the Netherlands, has become the latest major financial institution to receive a capital injection from the government.