News
Bank's Haldane: regulators must consider changing shape and structure of finance
Executive director for financial stability at the Bank of England says regulators should reconsider the structure of financial contracts, markets, and institutions
Potential limit on terms could lead to Wellink’s departure
Dutch finance minister proposes a 14-year limit on the tenure of central bank presidents; proposal could bring Nout Wellink’s reign as president of the Netherlands Bank to an end next year
Ex-PBoC’s Su new chair of country’s biggest electronic payments provider
Former People’s Bank of China deputy governor Su Ning made chairman of China UnionPay, country’s biggest payments service; Su replaces Liu Tinghuan, also formerly of the central bank
Fed toughens rules on consumer protection
Federal Reserve announces measures to protect mortgage borrowers from deceptive practices
Indian inflation back in single digits on back of Reserve Bank hikes
Official data on wholesale price index show inflation fell to 9.97% last month
Spanish bank borrowing from ECB continues to balloon
Spanish banks continue to depend on European Central Bank after stress tests exposed capital shortfalls
Fed’s Hoenig: we risk repeating past mistakes
Federal Open Market Committee dissenter warns that US economy requires prolonged period of rebalancing that low rates alone cannot tackle
China overtakes Japan as world’s second largest economy
Figures from Japanese Cabinet Office show that China’s GDP exceeded that of Japan in the three months to June
FDIC creates new units as US regulators expand for Dodd-Frank systemic oversight
US regulators are hiring more staff in preparation for Dodd-Frank changes
‘Bail-in’ rather than bailout, says European markets group
Association for Financial Markets in Europe proposes regulator-enforced version of contingent capital to replace state-funded bailouts; proposals still troublesome, Goodhart says
Reserves growth does not boost lending: Fed study
Federal Reserve study says notion that money multiplier can improve bank lending is misguided
SNB posts smaller-than-forecast loss
Swiss National Bank’s first half loss $949m smaller than expected as gold and UBS bailout vehicle put in strong performances; reverses end-2009 purchase of UBS shares to guard against loss
Norway’s wealth fund slumps to first loss in a year
Government Pension Fund–Global posts $25 billion loss for first quarter; fund’s equity portfolio takes a beating, led by BP shares
Rate round-up: Chile ignores global tensions and hikes rates
Chile raises rates despite uncertainty in global recovery; Norway and South Korea hold; Ukraine cuts
De La Rue chief quits over printing errors
De La Rue’s chief executive James Hussey resigns after taking blame for faulty banknotes; shares plunge nearly 10%
Bank of Japan watching soaring yen closely
Japanese central bank says it is carefully monitoring strengthening currency and its implications for export market; plummeting confidence in the US recovery sparks worry
CIC arm to raise $28 billion through bond issuance: reports
Central Huijin Investment, part of China’s sovereign wealth fund, set to offer bonds to private investors; joins state investment companies in Singapore and the Middle East in tapping bond markets
Banks can deal with refinancing burden: ECB
European Central Bank gives vote of confidence to lenders, pointing out banks were able to refinance $2.4 trillion in maturing debt between 2007 and June this year
Washington begins writing out reliance on ratings agencies
Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Office of Thrift Supervision begin search for new measure of creditworthiness
Bank leaps to defence of off-target inflation forecasts
Bank of England lifts inflation predictions on volatility from short-term shocks, mounting spirited defence of erroneous predictions to date; slightly lowers growth expectations
New York Fed details how it plans to implement latest policy move
New York Federal Reserve says it will hold levels of domestic securities at $2.054 trillion by buying long-term Treasuries; plans to steer away from scarce markets
King takes firm line on QE, direct lending
Bank of England governor Mervyn King says small businesses’ problems won’t be solved by direct help from the central bank; stresses that banks will be weaned off liquidity support
RBI moots new bank licences to increase competition
Reserve Bank of India says it may issue new bank licences; higher capital requirements are expected
FOMC pledges to maintain scale of asset purchases
Federal Reserve fails to announce additional quantitative easing but pledges to keep size of purchases at current levels; calls for more easing spurred by weak jobs data