The credit crunch is set to force the banking industry to overhaul the way it calculates a key benchmark lending rate that is used to price financial products worth some $350 trillion.
Today’s proposal to reform the way the key ‘Libor’ inter-bank lending rate is calculated follows mounting concern about the extent to which the benchmark [...]
The world’s central banks are halting interest rate cuts as inflation picks up from Indonesia to Canada.
“There’s a very clear concerted change in tone from just about every central bank you can think of,” said Kevin Gaynor, head of economics and rate strategy at Royal Bank of Scotland Plc in London. “They’re really very keen [...]
The European Central Bank kept interest rates at a six-year high today to fight inflation even as the euro-region economy cools.
ECB policy makers meeting in Frankfurt left the benchmark lending rate at 4 percent, as predicted by all 59 economists in a Bloomberg News survey. The bank will wait until at least February to lower [...]
Chile’s central bank will probably raise the benchmark lending rate for the sixth time in the past 12 months as policy makers seek to slow the fastest inflation since 1994.
Central bank President Jose de Gregorio will increase the overnight rate by a quarter percentage point to 6.50 percent, according to 12 of 24 forecasts in [...]
Brazilian stocks fell early on Wednesday for the fourth straight session, tracking losses in overseas markets and hit by inflation concerns at home, while the local currency weakened slightly.
The data reinforced expectations that Brazil’s central bank will raise its benchmark lending rate again in July to rein in consumer prices, sending interest-rate futures higher on [...]
Chukwuma Soludo and Bashir Borodo appear to be working in opposite directions when everyone expects them to maintain a symbiotic relationship. Soludo is the governor of the Central Bank of Nigeria (CBN) while Borodo is the president of the Manufacturers Association of Nigeria (MAN) - the pressure group of the nation’s endangered manufacturing sector.
The three [...]
However, Whitney was proved correct: Citigroup pushed out its CEO, sought foreign investors and slashed its dividend. Her comments now carry added weight on Wall Street, and she has a new warning for ordinary Americans: The crisis in credit markets is far from over, and it increasingly will affect consumers.
“In fact, we believe that what [...]
India’s inflation accelerated at the fastest pace in more than 3 1/2 years, maintaining pressure on the government to do more to tame prices which threatens economic growth. Bonds fell.
Wholesale prices jumped 8.1 percent in the week ended May 17 from a year earlier, Finance Minister Palaniappan Chidambaram told reporters in New Delhi today. Economists [...]
The U.S. mortgage market will recover slowly from a wave of bad loans that threw financial markets into crisis and the lending system will need repairs, Federal Reserve Governor Randall Kroszner said on Thursday.
“Recovery in the mortgage market will take time and will require more market and regulatory discipline,” Kroszner said in remarks to the [...]
Iceland’s central bank unexpectedly left its benchmark interest unchanged, six days after it obtained emergency funding from its Nordic counterparts to bolster the currency and quell inflation.
Sedlabanki kept the weekly lending rate at a record 15.5 percent, according to a statement on the Reykjavik-based bank’s Web site today. Three of 10 economists surveyed by Bloomberg [...]
