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Latest Finance News related to Central Bank

Shares in Asia head for 10-year high on back of US profit surge image
Source : Guardian [Read Article] Thursday 20th of July 2017 04:19:56 AM
....1528 early on Thursday, after scaling a 14-month high this week following seemingly hawkish comments by European Central Bank president Mario Draghi. At Thursday’s meeting, the central bank may drop a reference to its readiness to increase the size or duration of its asset-purchase programme before announcing in the autumn how and when it will start winding down its bond buying. ...
Key Bank of England policymaker 'not ready' for interest rate rise image
Source : Guardian [Read Article] Wednesday 12th of July 2017 05:45:21 PM
. The Bank of England should resist increasing interest rates while the direction of the economy remains unclear, according to one of the central bank’s senior policymakers, an announcement that reduces the chances of a rate hike this year. ...
How economics became a religion | John Rapley image
Source : Guardian [Read Article] Tuesday 11th of July 2017 05:00:01 AM
.... When, for example, Robert Lucas insisted that Eugene Fama’s efficient-markets hypothesis – which maintains that since a free market collates all available information to traders, the prices it yields can never be wrong – held true despite “a flood of criticism”, he did so with as much conviction and supporting evidence as his fellow economist Robert Shiller had mustered in rejecting the hypothesis. When the Swedish central bank had to decide who would win the 2013 Nobel prize in economics, it was torn between Shiller’s claim that markets frequently got the price wrong and Fama’s insistence that markets always got the price right. ...
Central banks are ending policies like QE – but they'll be back | Nouriel Roubini image
....Financial markets are starting to get rattled by the winding-down of unconventional monetary policies in many advanced economies. Soon enough, the Bank of Japan (BOJ) and the Swiss National Bank (SNB) will be the only central banks still maintaining unconventional monetary policies for the long term. ...
How healthy is the global financial system? | Mohamed El-Erian image
Source : Guardian [Read Article] Monday 10th of July 2017 09:00:47 AM
.... And, more importantly, financial risks have continued to migrate to non-bank activities. After irresponsible risk-taking almost tipped the global economy into a multi-year depression in 2007-2008, regulators and central banks in advanced economies launched a major effort to strengthen their financial systems. ...
In other circumstances, we’d raise rates. But with Brexit looming, how can we? image
....The economy is already weakening and the main measure of economic activity, GDP, is likely to slump. If a central bank policymaker subscribes to these arguments, they might see themselves voting in August to reverse the emergency interest rate cut made last year – the one made in response to the panicky aftermath of the Brexit vote. ...
Russia's future looks bleak without economic and political reform | Kenneth Rogoff image
....The fact Russia has avoided a financial crisis is remarkable – and largely due to the efforts of the Central Bank of Russia. Indeed, Elvira Nabiullina, the CBR’s governor, has twice won international central banker of the year awards. ...
MPs and charities urge car leasers to publish sub-prime loan figures image
....Last week the Bank of England said it was concerned about rising consumer debt, warning that this posed a risk to the stability of the banking sector. In its financial stability report, the central bank, which is the main regulator for the financial services industry, said that over the past 10 years the banking sector’s total write-offs on consumer credit were 10 times higher than on mortgages, and that figure was likely to increase should the UK suffer an economic downturn. ...
Can you buy anything real with Bitcoin? On the streets of Bristol, it proves a hard sell image
....■ Each Bitcoin is a string of computer code, which is protected by a personal key. It allows consumers to make electronic transactions without commercial banks as intermediaries, and outside the reach of central banks. ...
Pound leaps as Carney says growth will be factor in interest rate debate image
Source : Guardian [Read Article] Wednesday 28th of June 2017 03:15:46 PM
....The governor stressed that certain conditions needed to be met before he would side with MPC members pressing for higher rates, and hinted that he would not change his vote at their next meeting in August. “When the MPC last met earlier this month, my view was that given the mixed signals on consumer spending and business investment, it was too early to judge with confidence how large and persistent the slowdown in growth would prove,” Carney said at a gathering of central bankers in Portugal. ...
Google fine: EU is not waging underhand trade war against ​​US tech firms | Nils Pratley image
.... The wonder is that US regulators, who once upon a time had an honourable record of acting against powerful monopolists, have been so supine with the technology giants. You don’t have to be a central banker to know there is a mini-credit boom taking place in the UK. ...
Central banks raise alarm over new crash after steep rise in lending image
Source : Guardian [Read Article] Sunday 25th of June 2017 10:30:27 AM
....World leaders have been warned to guard against another financial crash after a steep rise in risky bank lending over the past year that could threaten the stability of the global financial system. The international body that represents central banks said a recovery in global trade this year and improving levels of GDP in most countries could create complacency and convince policymakers to ignore warning signs of excessive lending coming from the financial sector. ...
Uber and the ‘brogrammers’ feel the consequences of changing the world image
.... The time for a rise was therefore imminent. Kristin Forbes, who is about to be replaced by London School of Economics academic Silvana Tenreyro, has long argued for higher rates as a way of arming the central bank for the next financial war. ...
London could lose out as ECB seeks control of euro clearing after Brexit image
....London is facing renewed pressure over its dominance of the €1tn (£880bn)-a-day euro clearing market after the European Central Bank set out proposals aimed at giving it more oversight of the lucrative business. The move by the Frankfurt-based ECB – the central bank for the 19 countries using the euro – follows a report by the European commission that called for the EU to have more powers over clearing of financial products denominated in euros after Brexit. ...
Inflation needs to be checked with rate increase, says MPC member image
Source : Guardian [Read Article] Thursday 22nd of June 2017 06:01:21 PM
. A Bank of England policymaker has heaped further pressure on Mark Carney, the governor, with a warning that the central bank’s policymakers have failed to spot an inflationary spiral that needs to be choked off with an immediate increase in interest rates. ...
Brexit economy: UK faces slowdown amid living standards squeeze image
Source : Guardian [Read Article] Thursday 22nd of June 2017 11:01:36 AM
....“Steady as she goes isn’t what is happening,” said Blanchflower, a professor of economics at Dartmouth College in the US. “It matters to the central bank and all of us that there is no credible government and no dependable fiscal authority. ...
Why is productivity so low since the crisis – particularly in the UK? | Howard Davies image
....This argument has now been extended beyond the banking system, to the capital markets themselves. Critics of central banks have claimed that a sustained policy of exceptionally low interest rates, reinforced by huge doses of quantitative easing, have caused asset prices to rise indiscriminately. ...
BIS warns rolling back globalisation would be ‘detrimental’ image
Source : Guardian [Read Article] Sunday 18th of June 2017 05:41:55 PM
. The international body that represents the world’s central banks has claimed that globalisation has been made a “scapegoat” for rising inequality, as it launched a defence of closer cross-border ties. ...
The eurozone must reform or die | Kenneth Rogoff image
Source : Guardian [Read Article] Friday 16th of June 2017 05:00:00 AM
.... But, while the euro has been accompanied by a dramatic eurozone-wide fall in inflation, most other countries have managed to bring down inflation without it. Far more important to the achievement of price stability has been the advent of the modern independent central bank, a device that has helped dramatically reduce inflation levels worldwide. ...
Fed raises interest rates again in further sign of confidence in US economy image
. The US Federal Reserve announced it was raising short-term interest rates by a quarter percentage point on Wednesday as the central bank continued to unwind the huge economic stimulus plan brought in after the great recession. ...
Tech shares keep sinking amid concerns sector is slowing image
Source : Guardian [Read Article] Monday 12th of June 2017 04:33:15 PM
....”. Stock markets have been bolstered by the huge amounts of money the Fed and other central banks have poured into bond markets in an attempt to keep interest rates at record lows. ...
Japan growth rate revised down but business spending improves image
Source : BBC [Read Article] Thursday 8th of June 2017 07:28:41 AM
....2%. Japan's central bank meets next week and is now expected to keep policy unchanged following the latest data. ...
S&P lowers Qatar's credit rating image
Source : BBC [Read Article] Wednesday 7th of June 2017 07:54:42 PM
.... . It said Qatar may need to use Qatar Investment Authority and sovereign wealth fund money, as well as central bank reserves to tackle any big outflow of funds. ...
Philippines partially lifts Qatar workers ban image
Source : BBC [Read Article] Wednesday 7th of June 2017 01:30:04 AM
....Many head to oil-rich Gulf countries like Saudi Arabia, which hosts nearly a million Filipinos, and Qatar. The Philippines central bank estimates the money sent back by its foreign workers last year was $26. ...
The global economy can recover faster if we avoid the obvious pifalls | Nouriel Roubini image
....Each deceleration episode lasted for about two months, at which point the correction in equity prices began to reverse. Investors’ fears were not borne out, and central banks began to ease their monetary policies; or, in the case of the Fed, put rate hikes on hold. ...
US adds fewer jobs than expected image
Source : BBC [Read Article] Friday 2nd of June 2017 12:56:13 PM
....Official job creation figures for March and April were also revised down. The jobs report is a closely watched barometer of the US economy and one of the metrics the US central bank considers as it sets interest rates. ...
Goldman Sachs condemned for buoying Venezuela with $2.8bn bond purchase image
....The Wall Street Journal first reported on Sunday that the bank had bought $2. 8bn worth of bonds held by the country’s central bank. ...
Amazon shares hit $1,000 for first time image
Source : BBC [Read Article] Tuesday 30th of May 2017 03:11:46 PM
....The Fed targets a rate of 2% for the core PCE index. Many analysts expect that the US central bank will raise interest rates when it meets next month. ...
Dollar slips after cautious Fed minutes image
Source : BBC [Read Article] Wednesday 24th of May 2017 08:05:38 PM
. US central bank policymakers want to see proof the country's economic slowdown is temporary before they raise interest rates, according to minutes of their latest meeting. ...
China's credit rating downgraded amid fears over slowing economy image
Source : Guardian [Read Article] Wednesday 24th of May 2017 12:48:29 PM
....Luc Froehlich, head of investment directing for Asian fixed income at Fidelity International, said China was facing a number of issues: “The downgrade is yet another sign of the challenges faced by China, which is juggling rising leverage, declining economic growth rates and ongoing structural reforms. “Despite these mounting pressures, we are confident that China’s central bank and its regulators are firmly in control of the situation. ...
Bank of England governor falls for email prank but maintains his composure image
....The Bank declined to comment on the exchange. It has insisted in the past that it takes online security very seriously but the prank on the nation’s top central banker may raise questions about whether more precautions should be taken. ...
UK inflation: How could latest figures impact an international property purchase? image
....Until recently it had been expected that the BoE would raise interest rates in order to counter the impact of surging inflation. However, the central bank is currently insisting that it’s prepared to look through higher inflation and leave monetary policy accommodative in order to support other areas of the domestic economy. ...
Global stock markets: what's driving the record rises – and will they continue? image
....Recent strength in the US economy means the Federal Reserve has been happy to start edging up interest rates, and most economists now expect another increase in June. But with some signs of weakness in the first quarter, that may well be the last rise from the US central bank for a while. ...
Living abroad? What does the Bank of England rate decision mean for you? image
Source : Daily Express [Read Article] Thursday 11th of May 2017 03:49:00 PM
....BoE Governor Mark Carney was questioned about whether the current level of stimulus is required in light of how well the UK has been holding up in the face of Brexit uncertainty. The central bank chief said: “The stimulus isn't excessive, it's appropriate, first point, and that's the judgement of the committee. ...
Bank of England warns Brexit vote will damage living standards image
Source : Guardian [Read Article] Thursday 11th of May 2017 11:14:34 AM
....But Suren Thiru, head of economics at the British Chambers of Commerce, said the Bank was too optimistic about the UK’s near-term growth prospects. “We expect that inflation will weaken economic activity by more than the central bank is currently predicting, with wage growth likely to remain persistently below price growth over the next few years,” he said. ...
The secret history of inflation, from Black Wednesday to Brexit image
Source : Guardian [Read Article] Sunday 7th of May 2017 05:59:25 AM
.... The general election of 1992 saw the end of the dominance of pro-Europeans in the parliamentary party and the rise of what the beleaguered Major termed the Eurosceptic “bastards”. Meanwhile, after the ERM, the next supposed panacea for British inflation was central bank independence. ...
HSBC chairman Douglas Flint recalls the good, the bad and the scandalous image
.... Shareholder lobby group Manifest reckons only four other directors in the entire FTSE 100 have held a boardroom role for longer. He is now a regular on the international conference speakers circuit, sharing the stage with central bankers and politicians. ...
US jobs growth accelerates in April image
Source : BBC [Read Article] Friday 5th of May 2017 01:37:34 PM
.... . The rebound in the jobs market could pave the way for the US central bank to raise interest rates in June. ...
Federal Reserve: US economic slowdown temporary image
Source : BBC [Read Article] Wednesday 3rd of May 2017 06:16:48 PM
....7% in the first quarter - the slowest rate since the first quarter of 2014. But the US central bank said it expected growth to pick up again, and decided to keep a key interest rate on hold in a range of 0. ...
As wind, wave and shale power converge, could this be the end for Opec? image
....This will, of course, agitate Germany. Berlin will demand that Draghi starts to withdraw the ECB’s monthly injections of central bank funds – or quantitative easing – which Berlin says is pushing inflation up to intolerable levels. ...
'Fire sale' risk with Bank capital approach, says Vickers image
Source : BBC [Read Article] Friday 28th of April 2017 02:26:12 PM
.... It comes in many forms, but the most common is funding from shareholders, who expect a hefty return on the risk they are taking. Last year, Sir John said the central bank needed to demand a deeper capital buffer from the banks, calling it an "insurance policy" against harder times and deserving "full cover". ...
IMF meeting drops anti-protectionism pledge image
Source : BBC [Read Article] Sunday 23rd of April 2017 09:58:15 AM
....He also called for the IMF to step up its surveillance of members' foreign exchange rates. Meanwhile, Mexican central bank chief Agustin Carstens, who chairs the IMF steering committee, attempted to downplay the significance of omitting the pledge on protectionism, saying it was an "ambiguous" term. ...
Protectionism is rising the world over. Our best defense is fighting inequality | Wally Adeyemo image
.... Addressing inequality and updating the rules of the global economy to reflect the needs of the 21st century must guide the agenda for this week’s International Monetary Fund (IMF) and World Bank spring meetings. The finance ministers and central bank governors gathered for the spring meetings should focus on new approaches to reduce inequality and increase resilience, not just on new language for press releases and other official statements. ...
The Guardian view on the IMF: a global institution in an age of protection | Editorial image
. After the most difficult decade in its history, life should be looking up for the International Monetary Fund as it hosts the world’s finance ministers and central bankers in Washington DC this week. ...
Brexit’s unpredictable outcome poses risk to global stability, says IMF image
Source : Guardian [Read Article] Wednesday 19th of April 2017 12:30:21 PM
....But it expressed concerns about the ability of heavily-indebted US corporations safely to fund higher investment during a period of rising interest rates. It also warned that a tightening of policy from the Federal Reserve, America’s central bank, or rising protectionism could add to the vulnerability of exposed firms in the emerging world, raising their debts by between $130 and $230bn. ...
Force India F1 team boss Vijay Mallya arrested in London image
Source : Guardian [Read Article] Tuesday 18th of April 2017 12:31:31 PM
....56m), included performances by Bollywood singer Sonu Nigam and Enrique Iglesias, who sang on stage with Mallya. Raghuram Rajan, who was then governor of India’s central bank, said: “If you flaunt your birthday bashes even while owing the system a lot of money, it does seem to suggest to the public that you don’t care. ...
Libor rigging: chancellor urged inquiry into Bank of England allegations image
....The BBC said its investigations added to evidence that the Bank of England had put pressure on commercial banks to push their Libor rates down and that the transcript of the phone conversation at Barclays called into question evidence to the Treasury select committee given in 2012 by the former Barclays boss Bob Diamond and Paul Tucker, former deputy governor of the Bank of England. In 2012, the former senior Barclays executive Jerry del Missier justified his decision to order his staff to manipulate interest rates in 2008 by saying he believed he was acting on the instruction of the central bank. ...
Trump, trade, interest and aid make for a challenging IMF summit image
Source : Guardian [Read Article] Saturday 15th of April 2017 03:00:05 PM
.... Its co-host, the World Bank, faces similarly daunting challenges to its mission to cut poverty and inequality. As the two bodies prepare to bring together thousands of delegates in Washington, including finance ministers, central bankers and business leaders, we look at five key themes they will discuss. ...
Falling US retail sales cast doubt on further Fed interest rate rise image
Source : Guardian [Read Article] Friday 14th of April 2017 04:34:01 PM
....5%, the lowest rate in a decade. The latest indications that the economy slowed in the opening months of the year will give policymakers at the US central bank more to debate as they decide when to next raise interest rates. ...
Is business starting to get spooked about Donald Trump? | Larry Elliott image
Source : Guardian [Read Article] Thursday 13th of April 2017 12:36:22 PM
.... If only. The greenback is strong because the Fed is the one major central bank in the world that is raising borrowing costs, and investors have been assuming that the US central bank will accelerate the pace of interest rate increases in response to a Trump-inspired pick-up in growth. ...
Meet the millennials making big money riding China's bitcoin wave image
Source : Guardian [Read Article] Tuesday 11th of April 2017 06:00:21 AM
....There’s certainly big money to be made in bitcoin, but it comes at a high risk. Bitcoin was designed to be a peer-to-peer currency, free from interference from government and central banks. ...
BBC to air recording that implicates Bank of England in Libor scandal image
Source : Guardian [Read Article] Monday 10th of April 2017 06:45:56 PM
....For the Bank of England, the recording returns unwelcome attention to its role during the Libor scandal after it was forced to deal with allegations about pressure on commercial banks during parliamentary hearings almost five years ago. In 2012, the former senior Barclays executive Jerry del Missier justified his decision to order his staff to manipulate interest rates in 2008 by saying he believed he was acting on the instruction of the central bank. ...
The new age of Ayn Rand: how she won over Trump and Silicon Valley image
Source : Guardian [Read Article] Monday 10th of April 2017 05:49:09 PM
....Greenspan is the link between the original Rand cult and what we might think of as the second age of Rand: the Thatcher-Reagan years, when the laissez-faire, free-market philosophy went from the crankish obsession of rightwing economists to the governing credo of Anglo-American capitalism. Greenspan, appointed as the US’s central banker by Ronald Reagan in 1987, firmly believed that market forces, unimpeded, were the best mechanism for the management and distribution of a society’s resources. ...
The secret recording implicating the Bank of England in Libor rigging image
....A secret recording that implicates the Bank of England in Libor rigging has been uncovered by the BBC. The 2008 recording adds to evidence the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down. ...
Ukraine's central bank chief resigns image
Source : BBC [Read Article] Monday 10th of April 2017 10:46:19 AM
. The governor of Ukraine's central bank, Valeriya Gontareva, has resigned the post after three years, following intense pressure from tycoons whose banks she shut down for conducting illegal transactions and loans. ...
Bank of England implicated in Libor recording image
Source : BBC [Read Article] Monday 10th of April 2017 08:50:52 AM
....A secret recording that implicates the Bank of England in Libor rigging has been uncovered by the BBC. The 2008 recording adds to evidence the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down. ...
Libor: Bank of England implicated in secret recording image
Source : BBC [Read Article] Sunday 9th of April 2017 11:01:47 PM
.... . The 2008 recording adds to evidence the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down. ...
Greek gloom as economy stalls amid latest bout of EU wrangling image
Source : Guardian [Read Article] Saturday 8th of April 2017 03:00:05 PM
....In the standoff, the Greek economy has shown grave signs of slippage. This year was meant to be a year of recovery – instead, the uncertainty has prompted the central bank to revise its growth projection downwards following the economy’s contraction in the fourth quarter last year. ...
Bank of England orders financial firms to draft Brexit contingency plans image
.... The move follows prime minister Theresa May’s triggering of article 50 last week, formally launching the Brexit process. Bank governor Mark Carney said central banks and financial firms should be planning for “all eventualities” as he used a speech in London to call for an open financial system between the UK and the EU post-Brexit (pdf). ...
Brexit: Bank urges City to 'plan for all eventualities' image
Source : BBC [Read Article] Friday 7th of April 2017 09:19:58 AM
....Goldman Sachs, HSBC and UBS are among the banks that have said they will move some jobs out of London as a result of Brexit. The UK's central bank wrote to all banks, insurers and other financial firms with branches in the UK which operate in the EU. ...
Trump's trade tactics image
Source : BBC [Read Article] Tuesday 4th of April 2017 11:33:23 PM
....For years China intervened to keep its exchange rate low, which kept the price of its goods down and helped increase the US deficit. But more recently its central bank has kept the currency high - making its exports more expensive - and it is in the US's interest to encourage more of this. ...
Will populist leaders stifle the global recovery – or vice versa? image
Source : Guardian [Read Article] Tuesday 4th of April 2017 03:32:12 PM
....But will the populist tide surging across the advanced economies drown the accelerating recovery? Or will the recovery stifle leaders who confidently espouse seductively simple solutions to genuinely complex problems?. With the International Monetary Fund/World Bank meetings coming up later this month in Washington, DC, leading central bankers and finance ministers will have ringside seats at Ground Zero. ...
Cost of junk image
Source : BBC [Read Article] Tuesday 4th of April 2017 12:52:58 PM
.... . As inflation increases, the central bank, the Reserve Bank, will have to increase interest rates as a counter measure. ...
China's young locked out of Beijing's property market image
Source : BBC [Read Article] Monday 3rd of April 2017 08:17:18 AM
....Demand for property in China's top cities is so red hot, some couples are even undergoing fake divorces in order to buy additional homes. China's central bank has tried to clamp down on rising prices but that has done little to allay the woes of young workers who earn low wages. ...
The car-loan boom isn’t the housing bubble. But there still might be a crash image
....By 2006, millions of American families were in financial trouble and by 2008 hundreds of thousands were handing the keys of their homes back, leaving the banks with huge debts on their balance sheets. Today the US central bank is again raising interest rates, and the jump in credit costs is hitting the finances of low-income families, forcing them into arrears or to default on their loans. ...
Central banks 'must communicate better to regain trust' image
Source : BBC [Read Article] Friday 31st of March 2017 09:14:41 PM
.... . Andy Haldane said central banks wielded considerable power and their responsibilities "may never have been greater". ...
US shares mixed as dollar gets boost image
Source : BBC [Read Article] Wednesday 29th of March 2017 03:27:41 PM
.... . The US central bank or Federal Reserve System is made up of 12 Federal Reserve Banks around the country. ...
Mortgage approvals fall as UK consumers rely on credit to keep spending image
Source : Guardian [Read Article] Wednesday 29th of March 2017 12:07:32 PM
....Approvals dipped 1. 2% to 68,315 last month from 69,114 in January, the latest snapshot of lending from the central bank showed. ...
UK banks asked to draw up plans to show they are prepared for Brexit image
Source : Guardian [Read Article] Monday 27th of March 2017 09:26:41 AM
....The FPC highlighted rapid growth in UK consumer credit and “elevated” global risks, mainly due to rising debt levels in China, as the main threats to Britain’s banking system. The central bank launched a review into the credit quality of new lending – underwriting standards and the risk models used by banks – and said it would scrutinise these findings over the coming months. ...

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