Word: banking
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Figuring out exactly what's happening and then reacting accordingly falls to the European Central Bank and its president, Jean-Claude Trichet. The bank has been nervous about inflation all year, but earlier this month it slashed its lending rates by 0.5% to 3.75% as part of a coordinated rate cut by the world's biggest central banks. Riches-Flores expects the bank to cut rates further in the near future as the economy slows. At the weekend, the E.U.'s Commissioner for Economic and Monetary Affairs, Joaquín Almunia, even called for monetary easing "in the near term...
Fiscal Creep Around Europe, that ripping noise you hear is the sound made by Treasury officials tearing up their 2009 budgets. With the economy slowing, tax receipts are lower than expected, and in Britain, France and elsewhere government spending is higher than forecast. Now comes the bank bailout, and with it, a huge increase in government borrowing. British Prime Minister Gordon Brown has been the first to detail his national package, and it's making fiscal hawks shudder. It involves injecting up to $65 billion into three British banks - Royal Bank of Scotland, HBOS and Lloyds TSB - in exchange...
...that the E.U.'s rules stipulating that budget deficits shouldn't exceed 3% of GDP and that debt shouldn't go over 60% are about to be consigned to the trash heap - at least temporarily. "Fiscal rules are going to have to be abandoned," says Buckley of Deutsche Bank. The E.U. commission, which is the keeper of those rules, has already given its green light. "The existence of exceptional circumstances allows a deficit temporarily above but close to 3% of GDP not to be considered as excessive," it said after the announcement of the coordinated bank bailout. The crucial word...
...Employing 650 people directly and providing a livelihood to hundreds more - from local farmers to shopkeepers - the Zalabaromfi meat-processing plant has long been one of Zalaegerszeg's most important businesses. But the credit crisis has complicated a long-running dispute between Zalabaromfi and Hungary's second largest commercial bank, CIB, over a credit line the plant says it needs in order to keep running. Factory operations have been on hold since early September, and with credit tightening, its workers now face losing their jobs for good...
...Citigroup lost its bid to merge with faltering bank Wachovia to Wells Fargo last week. The company will be one of the nine major banks to receive an injection of federal funds as part of the Bush administration’s $250-billion plan to rescue frozen credit markets...