News
Call for Italian monitoring
ITALY - The Organisation of Economic Co-operation and Development (OECD) has called for a joint watchdog to monitor Italy's banking and insurance sectors.
Argentine plan approved by finance leaders
ARGENTINA - Argentina's Economy Minister Domingo Cavallo was in Washington over the weekend of 28-29 Apr to attend the Spring meetings of the International Monetary Fund and World Bank. He outlined what he proposes to do to put Argentina back on track to…
IMF reinvents itself - latest
At their Spring annual meetings in Washington DC, the IMF has released a paper "The IMF in the Process of Change" on the Fund's progress in reinventing itself as a financial sector crisis manager.
RBA will make rates decision at meeting on 1 May
AUSTALIA - The Reserve Bank of Australia board meets tomorrow, 1 May, to consider whether the future risks to the Australian economy warrant further interest rate reductions. And according to market economists the decision will be a finely balanced one.
Russia and Denmark plan economic cooperation
DENMARK - A two-day conference devoted to problems of economic cooperation between Denmark and Russia is opening in Copenhagen today, 1 May.
Germany cuts growth forecast
GERMANY - The German government has joined its European neighbours by slashing its growth forecasts. Economic expansion in Europe's largest economy is expected to be only 2% in 2001, 0.75% less than previously forecast.
UK growth hit by global slowdown
UK - Fears of a sharp slowdown in the British economy have grown after official figures showed output was weaker than expected in the first three months of the year.
US is wrong to browbeat the ECB into cutting rates
GERMANY - America is wrong to try to browbeat the European Central Bank into cutting interest rates "I hear but I do not listen," remains the response of Wim Duisenberg, president of the European Central Bank, to the clamour for lower interest rates.
US economy stronger than expected
UNITED STATES - The US economy has grown by 2% during the first three months of 2001 - twice as fast as analysts had predicted.
Turkish Cypriot central bank governor resigns
CYPRUS - Mehmet Bayram, minister of economy and finance of [self-declared] the Turkish Republic of Northern Cyprus, has announced that Central Bank Governor Demirhan Sayiner resigned from office.
Hayami to resign (maybe)
BoJ governor, Masaru Hayami, arriving at the weekend's G7 meeting in Washinton denies reports that he is about to quit.
China CBank fights non-performing loans
The People's Bank of China has announced its intention to toughen standards for commercial banks Non-performing loans.
Thai Central Bank Cuts Forecast As Exports weaken
THAILAND - The Bank of Thailand (BOT) has slashed down this year's economic growth projections to 2.5-4 percent, from 3-4.5 percent, due to the weakening exports in light of the U.S. and Japanese slowdown, according to local T.V. news reports on Apr 27.
Parliament worries over euro note chaos
Fears are growing that the introduction of euro notes and coins on 1 January 2001 will create logistical nightmares for eurozone authorities.
Euro rates held steady
EUROPE - The European Central Bank has decided to leave interest rates unchanged after a scheduled board meeting in Frankfurt on Apr 26.
Economic outlook bleak for Japan
JAPAN - The Bank of Japan has painted a bleak economic picture of weak growth combined with intensifying deflation in its half-yearly report. But a 1.6% rise in retail sales in March from a year earlier provided a ray of hope for new Prime Minister…
Cavallo resumes control of Argentine economy
ARGENTINA - The fall of Argentine pro-Menem Central Bank chairman Pedro Pou has increased the power of Economy Minister Domingo Cavallo.
IMF's Koehler says he didn't intend to pressure EC
GERMANY - International Monetary Fund Managing Director Horst Koehler said he had never intended to put pressure on the European Central Bank to cut rates, but reiterated that a cut would help world and European growth.
Australian inflation lowers rate cut call
AUSTRALIA - Expectations of an interest rate cut have been lowered after the release of surprisingly high inflation figures. The Reserve Bank board is due to meet next week.
Inflation fears lower rate cut hopes
EUROPE - Prospects for an early reduction in interest rates by the European Central Bank receded further yesterday as higher than expected German inflation figures were announced.
Calls grow for ECB to cut rates
EUROPE - A United Nations body yesterday, Apr 24, called for the ECB to follow the lead of the US and cut interest rates if it wants to avoid a slide into recession.
Maccarone likely to replace Pou
ARGENTINA - A congress committee has recommended that Argentine president Fernando de la Rua fires Pedro Pou, president of Argentina's central bank. Banker Roque Maccarone is tipped as his replacement.
South African growth levelled in first quarter
SOUTH AFRICA - The Central Bank of South Africa reports that growth levelled in the first quarter of 2001.
US, Europe need not follow same policies-Issing
EUROPE - European Central Bank board member Otmar Issing said on Apr 23 globalization did not mean the United States and Europe needed to follow the same policies.