Word: banking
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...With prices soaring over the past several months, however, doing nothing was not a realistic option. Policymakers must fight inflation now in hopes that they can get it under control quickly and promote growth again in the near future. Most central banks in Asia have started raising interest rates. The Reserve Bank of India increased its benchmark rate twice last month to a six-year high of 8.5%. Indonesia's central bank raised its rate for three consecutive months. Governments "have to keep expectations [about inflation] anchored," says Andrew Freris, senior investment strategist for Asia at BNP Paribas Private Banking...
Harvard Business School Dean Jay O. Light may take a seat on the board of Citigroup, the venerable-but-troubled Wall Street bank that has taken over $40 billion in write-downs over the past year...
Light, who holds a doctorate in decision theory from Harvard and is an expert in risk management, is being recruited to join Citigroup's board as part of the bank's drive to add people with financial expertise...
Harvard's top brass has at least one strong tie to Citigroup already: former Treasury Secretary Robert E. Rubin, a fellow on the Harvard Corporation, the University's seven-member governing body, is both a board member and high-ranking executive at the bank. Last November, Rubin made one of his infrequent public appearances at Harvard in a speech at the Business School...
Light joining Citigroup's board would be a victory for chief executive Vikram S. Pandit, who is trying to remake the board as he seeks to reverse the bank's fortunes. Citigroup's stock has lost two-thirds of its value in the past year...