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ECB Trichet departure sparks Greece rescue talk
European Central Bank President Jean-Claude Trichet is cutting short a trip to Australia to attend a special EU summit, prompting market speculation initiatives are in the works to help resolve Greece’s debt problems. EU heads of state are due to meet this week in Brussels for a special summit on the economy under pressure to restore confidence among investors worried that rising debt in Greece, Portugal and other weaker states in the Eurozone could undermine a global recovery. The summit was called in early January and Trichet had been expected to spend both Tuesday and Wednesday in Australia at central bank meetings. Instead, he is leavin... -
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Crisis restrictions in trade
But measures to support troubled institutions will need to be unwound carefully to avoid distorting competition, the WTO said in a restricted report to members, dated February 3. “The financial crisis does not seem to have prompted a widespread introduction of trade restrictions in financial services,” said the report by the WTO secretariat, prepared at the request of members. With only a few exceptions, countries maintained policies regarding typical market access limitations such as foreign equity caps or incorporation requirements. While some countries such as India slowed down previously announced liberalisation plans, others such con... -
News 0
Crisis restrictions in trade
But measures to support troubled institutions will need to be unwound carefully to avoid distorting competition, the WTO said in a restricted report to members, dated February 3. “The financial crisis does not seem to have prompted a widespread introduction of trade restrictions in financial services,” said the report by the WTO secretariat, prepared at the request of members. With only a few exceptions, countries maintained policies regarding typical market access limitations such as foreign equity caps or incorporation requirements. While some countries such as India slowed down previously announced liberalisation plans, others such con... -
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CIT hires new CEO
CIT Group Inc has hired former Merrill Lynch CEO John Thain as its new chief executive, the commercial lender said in early February, wagering that the well-traveled executive can guide its post-bankruptcy turnaround. Thain, 54, immediately replaces interim CEO Peter Tobin, who will remain a director. Former CIT chief Jeff Peek, another past Merrill executive, retired on January 15. CIT said Thain was hired partly for the expertise he gained restructuring the New York Stock Exchange, as it looks to reestablish itself after a disastrous foray into subprime lending, and one of the largest bankruptcies in US history. Within the last decade, Thai... -
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Nakamura rebuffs government pressure over deflation
Bank of Japan policy board member Seiji Nakamura rebuffed government pressure for more BOJ action to fight deflation, saying that pumping liquidity into the financial system alone will not put an end to debilitating price falls. The heavily indebted government fears deflation and a strong yen could push Japan back into recession in the run-up to upper house elections. Analysts say it may urge the central bank to buy more government debt or expand a funding operation it introduced in December to prevent that. Nakamura suggested the bank wasn’t likely to oblige by increasing its debt buying, however, warning the government that it needs to ge... -
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Irish services contraction fastest in six months
Ireland’s services sector shrank by its fastest rate in six months in January, when a marked fall in new orders indicated that unusually bad weather was not solely to blame, a survey showed this week. The NCB Purchasing Managers’ Index fell to 44.4 from 48.3 in December, when it had reached a level last equalled in February 2008 and begun to close in on the 50 mark that separates growth from contraction. The sub-index measuring new business slipped to 45.5 from 48.7 in the previous month, retreating to its lowest level since September last year. “Worryingly the level of new orders fell back sharply, highlighting that this was more than ... -
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West eyes Iran central bank
Western powers have called for a fourth round of UN measures against Iran for refusing to halt uranium enrichment activities as demanded by five Security Council resolutions. Iran insists it has a sovereign right to produce nuclear fuel for what it says is a peaceful civilian atomic energy programme. The west fears Tehran’s programme is aimed at developing nuclear weapons. The US, Britain, France and Germany want to reach an agreement this month with Russia and China – which have veto power on the Security Council and have opposed tough sanctions in the past – so that they can begin work on a new UN sanctions resolution as soon as possi... -
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Australia central bank skips a hike
Australia’s central bank shocked markets by skipping an interest rate rise this week, citing the impact of higher mortgage rates at home while noting tighter policy in China and concerns over sovereign debt abroad. The Reserve Bank of Australia’s (RBA) decision to keep its key cash rate at 3.75 percent confounded expectations of a rise to four percent and hammered the local currency as investors slashed estimates for how high rates might go this year. Yet, RBA Governor Glenn Stevens also emphasised that, should the domestic economy continue to improve as expected, then further hikes would likely be needed over time. “This is a pause, no... -
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Toyota braces for sales hit from recall, costs mount
US auto sales for January are expected to show a sharp drop for Toyota after it pulled eight of its most popular models from showrooms last week following complaints over sticking accelerator pedals. In the first public comment from an executive at Toyota’s head office, the company’s executive in charge of quality said he was expecting a bigger-than-usual impact from the recall. “The sales forecast is something that we’re extremely worried about,” Executive Vice President Shinichi Sasaki he told a news conference in the central Japanese city of Nagoya. “Already, I am hearing that sales have been affected somewhat in January,” he... -
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Too big to fail
White House adviser Paul Volcker will urge Congress to curb the risks taken by large banks to help prevent them from being treated as “too big to fail,” according to a testimony. Detailing a recent proposal known as “the Volcker rule,” the former Federal Reserve Chairman will tell lawmakers that commercial banks’ proprietary and speculative activities should not be protected by the government. He will also urge international consensus on “appropriate” actions to restrict commercial banks’ activities. Volcker – an adviser to President Obama whose star has risen in recent weeks – will appear before the Senate Banking Committ...
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