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Latest Central bank Stories

2008-11-25 12:36:03

Bank of England Gov. Mervyn King said Tuesday the central bank may need to cut rates to stimulate the country's sluggish lending. I am in no doubt that the single most pressing challenge to domestic economic policy is to get the banking system to get lending in any normal sense. That is more important than anything else at present. King told members of the Treasury Select Committee, The Times of London reported Tuesday. We may need to cut (the) bank rate more than we would otherwise have...

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2008-10-31 09:20:00

The Bank of Japan Friday cut its key interest rate to 0.3 percent from 0.5 percent, the first such cut in seven years, to boost Japan's sluggish economy. The cut applies to rates on unsecured overnight call money. Central banks of other advanced countries have made similar cut in their key interest rates in the face of the current global financial crisis. BOJ Gov. Masaaki Shirakawa voted in favor of the cut after the bank's policy board remained split 4-4, Kyodo news service reported. The...

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2008-10-30 06:45:00

By Barbara Hagenbaugh WASHINGTON -- The Federal Reserve on Wednesday slashed interest rates a half-percentage point, a move intended to blunt the pain of an economy that has "slowed markedly." Fed Chairman Ben Bernanke and his colleagues, voting unanimously, cut their target for short-term interest rates to 1%, the lowest since June 2004. In their post-meeting statement, Fed policymakers pointed to a drop-off in consumer and business spending, and industrial production. They also said...

2008-10-29 15:00:02

The U.S. Federal Reserve cut its target rate for federal funds to 1 percent Wednesday, jumping past the possibility of a less dramatic reduction. The 0.5 percentage point reduction puts the bank's key lending rate to a rate unseen since 2004. "The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expectations," the Fed's Open Market Committee said in a statement. The statement pointed to a reduced spending in business equipment and...

2008-10-14 06:00:18

By Landon Thomas Jr. and Alan Cowell Alan Cowell reported from Paris. Mark Landler contributed reporting from Washington, Katrin Bennhold and David Jolly from Paris, and Julia Werdigier from London. Vikas Bajaj contributed reporting from New York and Carter Dougherty from Frankfurt. * After a whirl of emergency weekend efforts on both sides of the Atlantic to combat financial turmoil, Britain committed more than $60 billion in taxpayers' money Monday to prop up three banks while the...

2008-10-13 12:00:20

WITH the world's financial markets still in turmoil today the US was fighting to get its $700 billion rescue up and running as Europe's central banks began to take unified action. World stock markets rebounded strongly after last week's historic sell-off, responding to the efforts. Hong Kong's Hang Seng Index, which tumbled more than 7% on Friday, soared 9.69%. Australian and Singapore indices jumped more than 5%, while South Korean and Chinese benchmarks added around 3.7 %. As...

2008-10-13 09:00:15

Update: Eurozone leaders hold emergency summit on financial crisis PARIS, Oct. 12 (Xinhua) -- Leaders from the eurozone countries met in Paris on Sunday for their first ever summit in an urgent bid to seek a joint response to the spreading financial crisis. "This meeting's purpose is to draw up a joint action plan for the euro area member states and the European Central Bank (ECB) in response to the current financial crisis," the French government, which holds the European Union (EU)...

2008-10-13 09:00:05

By DION NISSENBAUM By Dion Nissenbaum and Kevin G. Hall McClatchy News Service PARIS European leaders took unprecedented steps late Sunday to try to halt a galloping financial crisis in its tracks, announcing aggressive action to take big stakes in banks and guarantee lending between banks. European Union members announced they planned to guarantee loans between banks, called interbank lending, for up to five years. And they intend to allow member countries to take equity stakes...

2008-10-13 06:00:22

By Ross Lydall A RESCUE package being agreed between European leaders will help restore confidence to the global banking system, Gordon Brown vowed last night. The Prime Minister said he was sure that benefits would reach small businesses and people seeking mortgages after meeting the heads of 15 countries that use the euro. Speaking in Paris after a meeting French president Nicolas Sarkozy and other senior figures, Mr Brown said the UK and continental leaders had found "common...

2008-10-09 18:00:14

By MARTIN CRUTSINGER and WASHINGTON - News that the Bush administration is considering taking ownership stakes in a number of U.S. banks helped restore a relative calm over global financial markets today. The aim of such a move would be to thaw the lending freeze that threatens to push the world's economy into recession. It comes after rampant fear about the global economy sent investors scurrying on Tuesday for safety in U.S. government securities despite an orchestrated round of rate...