News
ECB's Hamalainen urges speedier market integration
IRELAND - European Central Bank board member Sirkka Hamalainen has urged euro zone countries to speed up the integration of financial markets and help the implementation of monetary policy in the 12-member currency bloc.
RBA buys a net $778 mln in forex market, September
AUSTRALIA - The Reserve Bank of Australia bought a net $A778 million in its foreign exchange market transactions in September, according to figures in its monthly bulletin.
Philadelphia Fed Oct. index plunges
US - The Federal Reserve Bank of Philadelphia's business outlook survey for October indicated the regional economy reversed following the 11 September terror attacks.
Bonds outperform T-notes on ECB monthly report
UK - Bonds marginally outperform T-notes with the 10-year yield spread narrowing to 1 bps as euro debt laps up the ECB's monthly report which highlighted an economic rebound in Europe could be delayed by 11 September attacks on U.S. cities.
Expectations of rate cut up in ECB monthly report
GERMANY - The European Central Bank yesterday strengthened expectations that it will cut interest rates soon by saying the eurozone faced moderate inflationary pressures but continuing risks to economic growth.
Testimony of the Fed Chairman Alan Greenspan
TESTIMONY - Testimony of Federal Reserve Board Chairman Alan Greenspan, before the Joint Economic Committee, U.S. Congress, 17 October.
Ministers clear way on money laundering laws
EUROPE - European Union finance ministers on Tuesday 16 October cleared the way for a long-sought agreement on tougher money-laundering laws that could be used to fight terrorism.
International finance meetings back on agenda
UK - The International Monetary Fund and World Bank are finalising plans to call meetings of their powerful policy-making committees within two months. The meetings were postponed after the 11 September attacks.
World's most unusual central bank
AFGHANISTAN - This is no ordinary central bank. The currency reserves of the Northern Alliance - large wads of Afghani notes that arrive from neighbouring Tajikistan - are kept in a broom cupboard in a mud-walled hut in the dusty Afghan town of Khoja…
Ecofin mins press rate cut case - ECB receptive
LUXEMBOURG - Euro zone finance ministers kept the heat on the European Central Bank to lower interest rates yesterday, Monday 15 October - and there are signs that central bankers may be sympathetic to their views.
Indonesia to issue US$390 million short term bonds
INDONESIA - The government will issue short term bonds valued at Rp3.9 trillion (US$390 million) next year to cover a deficit in the 2002 state budget, an official said.
Ex-economics minister again c bank council member
ESTONIA - Along with the president's decision to relieve Mihkel Parnoja of the post of economics minister, Parnoja's powers as member of the supervisory council of the Bank of Estonia were restored.
BoE's Clementi says "clear downside risk" to rates
UK - Bank of England deputy governor David Clementi said on Friday there were "clear downside risks" to UK interest rates due to the slowing world economy, made worse by September's attacks on the United States.
Has a Recession Already Started? - FRBSF
US - In this latest Economic Letter, San Francisco Federal Reserve Bank Senior Research Advisor Glenn Rudebusch examines the definition and dating of recessions.
Richmond Fed's Broaddus says inflation target good
US - Federal Reserve Bank of Richmond President Alfred Broaddus said on Friday 12 October the Fed should have an explicit long-term inflation objective to further boost the U.S. central bank's credibility.
Duisenberg adds voice to fears over EU hopefuls
GREECE - The European Central Bank raised fresh concerns on Wednesday 17 October over the economic policies of future European Union members, underlining its doubts over their fitness for swift entry to the single currency.
RBI plan reserve to cushion investment value moves
INDIA - The Reserve Bank of India is toying with the idea of directing banks to create a special reserve as a cushion for any adverse movements in the value of their investment portfolios that may be triggered off by interest rate volatility.
Japanese policy makers clash over economy
JAPAN - Japanese policy makers are increasingly clashing on how to fix the nation's moribund economy, with the finance minister issuing a clear call for re-inflating the economy by actively boosting price levels, even as the central bank decided not to…
Swaziland on money-laundering alert
SWAZILAND - Swaziland is on alert for foreign organisations trying to channel money through the tiny African kingdom after a government official was offered a bribe, authorities said on Monday 15 October.
Euro coins out in Austria ahead of official launch
AUSTRIA - A small volume of euro-denominated coins have already entered into circulation amongst the general public in Austria. This is despite the fact that starter packs of euro coins are not officially due to be released to private citizens until mid…
Greenspan upbeat on economy
US - Prospects for the future of the US economy have been "scarcely diminished" by the 11 September attacks, Federal Reserve chairman Alan Greenspan has said.
Financial regulator rejects Tory call for probe
UK - The City regulator has rejected Conservative calls for an investigation of the government's role in the collapse of Railtrack, and told MPs if impropriety were proven it would be up to the government to prosecute itself.
Vietnam's Eximbank begins payments scheme
VIETNAM - The joint stock Commercial Bank for Import and Export of Vietnam, Eximbank, held on 11 October the second phase of bidding for the project "Intrabank payment system and Eximbank's applications."
Repse's deputy may take a shot at top position
LATVIA - The Bank of Latvia vice-president Ilmars Rimsevics may agree to run for the top position with the central bank, if approached with such an offer.