News
Bank of England Huntingdon's banker
UK - The drug-testing company at the centre of an intimidation campaign by animal rights activists is to be given banking facilities by the UK Government at the Bank of England.
Japanese reforms start with the banks
JAPAN - It's not a bad rule for the Japanese government. It may at last be grasping Japan's stoniest problem, its partly petrified banking system.
Polish Computerland To Provide Software to Bank
POLAND - Polish computer systems integrator Computerland will provide its software systems to the domestic central bank (Narodowy Bank Polski - NBP).
Czech ex-minister, ex-head of bank blamed
CZECH REPUBLIC - Ex-Finance Minister Pavel Mertlik and CNB central bank ex-governor Josef Tosovsky are responsible for the forced administration imposed on the IPB [Investicni a postovni banka - Investment and Post Bank] bank last June and its…
Madhavpura brass grossly violated prudent banking
INDIA - Jagdish Capoor stepped down on 30 June as the deputy governor of the Reserve Bank of India (RBI). He blames the management of the Gujarat-based Madhavpura Mercantile Cooperative Bank (MMCB) for throwing all prudential norms to the winds. Extracts…
Russian Govt To allow More Hard currency
MOSCOW -The Russian government plans to lower the requirement for mandatory foreign currency repatriation by local exporters to 50% from 75%, an Economics and Trade Ministry spokeswoman said 2 July.
Euro € - Reynders wants euro boost at cash machine
BELGIUM - Didier Reynders, the Belgian finance minister, on 28 June proposed making euro notes available to consumers on a limited basis prior to next year's January changeover, to help reduce the risk of queues and delays forecast by retail groups.
Fiscal intelligence may not apply to Russian bank
RUSSIA - A fiscal intelligence service should be created in Russia but not within law enforcement agencies or the Central Bank, First Vice-Prime Minister and Finance Minister Alexei Kudrin said.
Indonesia may delay central bank law debate
INDONESIA - The Indonesian government might seriously consider a parliamentary proposal to delay debating controversial central bank law amendments.
Search on for new European Central Bank President
EUROPE - Yesterday, 28 June, Prime Minister Jean-Claude Juncker of Luxembourg confirmed that he was approached about the job, although he said he wouldn't want it. Mr. Juncker's comments are viewed by the media as the first evidence the European Union…
Japanese regulator penalises Goldman
JAPAN - Japanese regulators slapped heavy penalties on Goldman Sachs on 27 June after the US bank admitted it had misquoted prices in the online warrants market in Tokyo, as reported in the FT London.
Charter capital requirements raised for new banks
RUSSIA - The Central Bank of Russia board decided on 26 June to increase the charter capital requirement for new banks.
Grasser-Duisenberg succession talk no help to euro
EUROPE - Austrian Finance Minister Karl-Heinz Grasser said on 29 June that the debate about who will succeed Wim Duisenberg as president of the European Central Bank was not helping the euro.
MOF denies asking BOJ to use inflation targets
JAPAN - Japanese Finance Minister Masajuro Shiokawa on 29 June played down a media report that government representatives at the Bank of Japan policy board meeting yesterday, 28 June, had put a strong request to the central bank to introduce an inflation…
Federal Reserve cuts rates, by less than expected
US - Alan Greenspan, the U.S. Federal Reserve Board chairman and Federal Reserve governors, ended a two-day meeting yesterday, 27 June, by reducing interest rates, but only by a quarter of a percentage point, instead of the half-point cut that some…
Interest rate moves around the world
FEATURE - Yesterday, 27 June, the Federal Reserve reduced key US interest rates for the sixth time this year. Here we feature other recent interest rates moves around the world (among the other big central banks the Bank of England has held it's rate…
Mobile phone plan may hasten cashless society
EUROPE - The FT in London reports on 28 June that three major mobile phone manufacturers are negotiating with leading banks so that mobile phones can be made to act as a type of creidt card.
US rate cut to deter Thai outflows - Thai c.bank
THAILAND - The Thai central bank said on 28 June that the Federal Reserve's latest cut in U.S. interest rates would help deter the capital outflows from Thailand.
Bank of Canada outsources 500 jobs
CANADA - The Bank of Canada said on 27 June it has hired Electronic Data Systems Corp. to help run a program that sells Canada Savings Bonds and other types of debt to the public, cutting the central bank's payroll by a third.
Lithuanian c-bank to switch some reserves to euro
LITHUANIA - Lithuania's central bank said on 28 June it would "soon" start exchanging some of its reserves into euro to prepare for the change of the national currency's anchor to the euro from the dollar in February.
Hong Kong Financial Secretary meets ECB President
GERMANY - Hong Kong's Financial Secretary, Mr Antony Leung, held talks on 27 June with the President of the European Central Bank, Mr Willem Duisenberg.
Computer law to fight bank fraud
US - The House Financial Services Committee approved legislation on 27 June that encourages regulators to link computer systems to help crack down on financial fraud.
Fed set for fresh rate cut - but by how much?
US - The US central bank, the Federal Reserve, will announce today, 27 June, whether it has decided to cut interest rates further to boost the flagging American economy.
IMF appoints representative to Bulgaria
BULGARIA - Piritta Sorsa has been appointed as IMF's resident representative to Bulgaria.