News
Hong Kong tightens markets regulations
HONG KONG - Hong Kong legislators yesterday passed into law long-awaited legislation aimed at significantly tightening regulation of the territory's capital markets.
Indonesia court convicts c bank gov of graft
INDONESIA - An Indonesian court on Wednesday sentenced central bank governor Sjahril Sabirin to three years in jail for corruption over a long-running banking scandal, Reuters reports.
Indonesia c bank gov still in post despite verdict
INDONESIA - Indonesian central bank governor Sjahril Sabirin is still in charge of the institution despite being convicted on Wednesday of graft, as an appeal process has yet to take place, a senior official said. Sabirin was not taken into custody.
Central bank independence should be preserved-IMF
UK - The IMF on Wednesday criticised moves in Israel and Poland to limit the independence of their central banks.
ECB's Noyer questions strong dlr after US tariffs
FRANCE - European Central Bank Vice President Christian Noyer on Wednesday said the U.S. dollar was over valued against the euro and suggested new U.S. steel tariffs were the latest evidence of this.
China raises gold prices in unscheduled move
CHINA - China's central People's Bank of China (PBOC) raised domestic buying and selling prices of 99.99 percent pure gold by an average of 1.42 percent on Wednesday, an unscheduled move outside its regular weekly fixing.
RBA's Macfarlane to give speech on 22 March
AUSTRALIA - Reserve Bank of Australia Governor Ian Macfarlane has two speeches scheduled in coming weeks, his first public outings since December.
Chile central bank cuts rates 75 bp to 4.75%
CHILE - Chile's Central Bank lowered its benchmark monetary policy lending rate 75 basis points to a nominal 4.75% at a monthly policy making meeting Tuesday.
Arthur Grimes appointed to NZ c bank board
NEW ZEALAND - New Zealand's Finance Minister Michael Cullen said Wednesday that Arthur Grimes, one of the country's leading monetary policy specialists, had been appointed as a non-executive director of the Reserve Bank for a term of five years.
Are we in recession? No we're on the planet Pluto
US - Amid the was it or wasn't it debate about the U.S. recession, a senior Federal Reserve official has coined a new phrase for the economic downturn that began last March, dubbing it: "the Pluto recession."
James Tobin, Keynesian economist of first rank
OBITUARY - James Tobin, the most influential Keynesian theorist of his generation, who became famous for his proposed tax on currency trading, has died aged 84.
Tokyo sees light at end of tunnel
JAPAN - Japan's longest recession since 1993 may be slowly coming to an end as inventories are run down and companies gear up for a faster-than-expected US and European recovery, according to Heizo Takenaka, economics minister.
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada Governor Reviews Canadian Monetary Policy Choices, 12 March.
Olson - US economy at or near end of down phase
US - Federal Reserve Governor Mark Olson said on Tuesday recent reports over the past few months show the downturn that hit the U.S. economy last year has likely bottomed out.
Bank of Canada brightens economic forecast
CANADA - Bank of Canada Governor David Dodge declared on Tuesday that the worst of the economic downturn was over, in a speech that suggested the bank was accelerating its timetable for forecast economic recovery.
Domingo Solans says ECB monetary policy credible
SPAIN - The credibility of the European Central Bank's (ECB) monetary policy is demonstrated by the euro zone's low inflation, ECB executive board member Eugenio Domingo Solans said on Saturday.
Colombia central bank launches new COP1,000 bill
COLOMBIA - Colombia's central bank on Tuesday launched a new 1,000 peso bill ($1=2271.50) to complement the coins of that denomination in circulation already.
ECB gold reserves - EUR35M in week of 8 March
GERMANY - The Eurosystem's net reserves in gold and gold receivables declined by EUR35 million, to EUR126.8 billion, in the week ended 8 March, the European Central Bank said Tuesday.
Duma to consider bill on central bank of Russia
RUSSIA - The bill "About the Central Bank of Russian Federation (Bank of Russia)" will be considered by the State Duma in the second hearing on 15 March.
RBI to review primary dealership arena
INDIA - Our Banking Bureau Mumbai After taking an in-principle decision to discontinue the satellite dealers, the Reserve Bank of India (RBI) is set to review primary dealers (PDs) in terms of their number, obligations, activities and regulation, said Y…
ECB Issing says eurozone econ hit bottom in '01
FRANCE - Europe's economic slowdown hit bottom at the end of last year and growth should be back above 2% by the end of 2002, European Central Bank Chief Economist Otmar Issing says in an interview with Les Echos Tuesday.
Labour mismatches plague euro zone
GERMANY - Austria has too many construction workers and too few hairdressers. France suffers from an abundance of woodworkers but a shortage of nurses. These are some of the findings of an ECB report published today.
Japan to name two businessmen to BOJ board-sources
JAPAN - The Japanese government has provisionally decided to name two businessmen to the Bank of Japan's (BOJ) policy-setting board to replace members whose terms expire at the end of the month, according to sources, Reuters reports Tuesday.
Shiokawa - New anti-deflation steps to be concrete
JAPAN - A new round of anti-deflation steps being prepared by Japan's ruling coalition will likely flesh out the plan to combat falling prices already announced by the government, Finance Minister Masajuro Shiokawa said Tuesday.