News
Rock-bond plan could pay off Bank loan
The British Treasury underlined its commitment to finding a private sector bidder for Northern Rock on Monday, publishing details of a strategy that would require no upfront repayment of the £26 billion ($50.6 billion) owed by the beleaguered mortgage…
Global stocks plummet on US recession fears
Shares in Asia and Europe plunged on Monday amid concern that a United States recession would hit global growth. The Toronto stock exchange was also down by more than 4% at midday trading.
Brown calls for IMF and World Bank reform
The Bretton Woods institutions must adapt to fit the new global economic order where "contagion can move as swiftly as the fastest communication", said Gordon Brown, the British prime minister.
Mexico holds rates at 7.5%
The Bank of Mexico's rate-setting board voted on Friday to keep rates at 7.5%.
Tony Solomon, former NY Fed president, dies
Anthony M. Solomon, a former president of the Federal Reserve Bank of New York, died last Friday, at the age of 88.
Fisher urges Fed to avoid "trigger-happy" cuts
Having an itchy trigger finger with monetary policy risks shooting everyone in the foot, said Richard Fisher, the president of the Dallas Federal Reserve.
ECB poll notes tighter borrowing conditions
In the wake of the credit turmoil, banks have become far less willing to lend to both households and businesses, a European Central Bank (ECB) survey reveals.
Poor growth will curb inflation: Fed's Pianalto
The impact of the housing crisis on the rest of the United States economy will help dampen price hikes, says Sandra Pianalto, the president of the Cleveland Federal Reserve.
British MPC faces tough choices warns deputy Gieve
The Bank of England's monetary policy committee (MPC) faces difficult decisions in the months ahead because of the dual threat of slowing growth and rising inflation, said Sir John Gieve, the deputy governor responsible for financial stability.
Turkey continues to cut rates
The Central Bank of Turkey's monetary policy committee voted on Thursday to lower its benchmark overnight borrowing rate by 25 basis points to 15.5%.
Gulf reserves set to top $2 trillion
If global oil prices remain high, foreign exchange reserves in the six Gulf Cooperation Council (GCC) countries will exceed $2 trillion by the end of this year.
Fed's Bernanke supports fiscal package
Ben Bernanke, the chairman of the Federal Reserve, told United States lawmakers on Thursday that he would support plans for a fiscal package to encourage growth so long as it was implemented quickly, was efficient and was temporary.
Speculation of ECB cut builds on Mersch comments
Comments by Yves Mersch, a member of the European Central Bank's (ECB) governing council, have fuelled speculation that the central bank is set to adopt a more dovish monetary policy stance.
Merrill reports $8.6 billion loss for 2007
Merrill Lynch, an investment bank, on Thursday reported $11.5 billion-worth of subprime-related writedowns for the fourth quarter of 2007, taking its losses for last year to $8.6 billion. The bank recorded losses for the fourth quarter alone of 2007 was …
Sri Lanka holds rates at 10.5%
The Central Bank of Sri Lanka's rate-setting board voted to keep rates at 10.5% for the 11th month in a row on Thursday.
IMF to review central bank response to turmoil
The International Monetary Fund (IMF) is set to investigate the reaction of leading central banks to the interbank turmoil that hit markets in the wake of the subprime crisis.
Central African MPC holds first meeting
The Bank of Central African States's monetary policy committee held its first meeting last Friday in Yaounde, the capital of Cameroon.
Canadian banks may not match central bank cut
Some of Canada's biggest commercial banks say they are considering leaving borrowing rates unchanged even if, as expected, the Bank of Canada cuts rates next Tuesday.
Emirates must cooperate on inflation: Al-Suwaidi
Sultan bin Nasser al-Suwaidi, the governor of the Central Bank of the United Arab Emirates, said on Tuesday that officials in all of the emirates had to work on curbing soaring inflation, but warned against tampering with exchange rates.
Thailand holds rates at 3.25%
The Bank of Thailand's monetary policy committee voted on Wednesday to keep rates at 3.25% in spite of rising inflation.
GIC and Kuwaiti SWF invest in Citi
Citi, the world's biggest bank, revealed on Tuesday that the Government of Singapore Investment Corporation (GIC) and the Kuwait Investment Authority were part of a group of investors involved in a $12.5 billion capital injection.
Merrill confirms Kuwaiti and Korean involvement
The Kuwait Investment Authority and Korean Investment Corporation became the two latest sovereign wealth funds to capitalise on banks' subprime losses, buying into Merrill Lynch, an investment bank.
Fed and BoE auction results show interbank easing
Tensions in money markets showed further signs of abating on Tuesday after the Federal Reserve and the Bank of England revealed the results of their latest open-market operations.
Greenspan joins Paulson & Co
Alan Greenspan, a former chairman of the Federal Reserve, is set to advise Paulson & Co, a hedge fund which made billions last year from betting against the United States housing market.