Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Sep 24, 2011

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Sep 24, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Sep 24, 2011

HIGHLIGHTS - G20, IMF/World Bank meetings in Washington
Reuters
"So the depreciation of Latin American currencies -- of Mexico and Brazil (which) has also sold dollars -- is related to the turmoil that is going on in financial markets given the crisis of Europe. It's not related to what the Federal Reserve did. ...
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Europe hastens to build up debt crisis defenses
Reuters
Finance chiefs from around the world have turned up the heat on Europe to do more to prevent Greece's debt woes from infecting other euro zone countries and the world economy. Concern now appeared to be turning towards safeguarding the banking system ...
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Geithner, US Treasury secretary, urges major shift in European financial system
Washington Post
Olli Rehn, European economic and monetary affairs commissioner, said Geithner's role in recent discussions had been “very constructive” and that euro-zone leaders were intensely studying the role of the Fed in responding to the US financial crisis. ...
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ECB gears up to give banks one-year liquidity
Reuters
Financial markets have reacted sharply to the recent intensification of the euro zone debt crisis and brisk downturn in the bloc's economy. The ECB recently reintroduced six-month euro liquidity, as well as three-month dollar liquidity in a bid to head ...
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Economic Leaders Warn of a 'Red Zone'
Wall Street Journal
The market turmoil around the world in the past week reflected rising fears that Europe's persistent debt woes will trigger a broader financial crisis and economicslowdown. "We are in a red zone," said World Trade Organization chief Pascal Lamy,...
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Wall Street Journal
Warnings mount on euro crisis
Vancouver Sun
World leaders and finance chiefs pushed Europe to quell its debt crisis Thursday and big emerging economies said they might provide more money to help stop the chaos from spreading. As financeministers and central bankers gathered for talks amid ...
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Insight: Economic malaise fuels global monetary order debate
Reuters
By Alan Wheatley, Global Economics Correspondent LONDON (Reuters) - Put money supply growth on auto pilot. Make financial stability an explicit goal of central banking. Set up a European Monetary Fund. Create a new global currency anchor by pegging the ...
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Volatility rules the day as TSX, loonie close down
CTV.ca
Craig Alexander, TD Bank Financial Group chief economist, said that volatility will continue in Canada and elsewhere as uncertainty remains in the global economy. Alexander told CTV News Channel from Ottawa that Canada is a "small trading country" that ...
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CTV.ca
Osborne to euro nations: Patience is 'running out'
Washington Post
... at top economic nations, saying they needed to come to agreement on more accommodative fiscal and monetary policy, with central banks “ready to dive back into unconventional waters.” She urged them to use regulations to stave off financial crises ...
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Greece as Whipping Boy for 'Troika' Bullies
Huffington Post
Instead of accepting that it is the broken banking system; the de-regulated financial Eurozone, and the deflationary monetarist policies of the Maastricht Treaty that are the roots of the crisis, the Troika (the IMF/EU/ECB) want to identify a ...
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Fed's Dudley: Stable Financial System Needed For Sustainable Economic Growth
Wall Street Journal
Speaking at the 2011 Bretton Woods Committee International Council Meeting in Washington, DC, Federal Reserve Bank of New York President William Dudley said the build-up of debt in the years leading up to the financial crisis is contributing to the ...
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Islamic banking: Panacea for global financial crisis
Nigerian Tribune
Going by all relevant literature, the sub-prime crisis actually became global, largely because offinancial instruments such as securities where banks pool their various loans into sellable assets, thus off-loading risky loans onto others. ...
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Iceland: from ruin to role model?
Irish Times
It's as though the financial crisis is over. “We're finished with austerity,” says a senior political source, predicting only “minor cuts” in next month's budget. The IMF'srepresentative in Iceland, Franek Rozwadowski, admits it's “probably true” that ...
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Irish Times
Goldman's O'Neill Tells CNBC Financial System Risks 2008 Repeat
Bloomberg
Group of 20 finance chiefs late yesterday promised to address rising risks to the global economyand pushed Europe to contain its debt crisis. The European Central Bank may act to tackle risks to growth as soon as next month should economic data ...
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Citi CEO: High Capital Requirements Don't Mean Safe Financial System
Wall Street Journal
Asked about the potential effect on the US banking system of a major deterioration of the European sovereign debt crisis, Pandit said the US financial system is in a far stronger position than during the financial crisis of 2008. "The direct financial ...
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UK Osborne: Euro Zone Has Six Weeks To Resolve Crisis
Wall Street Journal
Earlier this month, Bank of England policy maker Adam Posen advocated that the government and the BOE should team up to set up an investment bank to provide finance to small companies struggling to get credit from their banks.
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Debt Levels Alone Don't Tell the Whole Story
New York Times
And debt-to-GDP ratios will rise when economies shrink, even if the government is not borrowing more money. Floyd Norris comments on finance and the economy at nytimes.com/economix. A version of this article appeared in print on September 24, 2011, ...
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Gates backs financial transaction tax to aid poor
Reuters
She said testimony in August by Flaherty called such a tax "punitive and counter-productive" because it reduced banks' lending ability during weak economic growth. US-based business groups on Friday voiced their concern at growing calls for a financial ...
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Five fixes for the global crisis
The Guardian
Life goes on. What these businesses need is equity investment, not debt. They should be on Dragon's Den, not in the bank manager's office. I believe US and europe have such schemes that cover 80% small business finance needs. ...
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The Guardian
Greek debt default talk gathering pace
Gulf Times
Talk of a possible Greek default gained pace yesterday while a pledge by the world's major economies to prevent Europe's debt crisis from undermining banks and the global economy failed to lift financial markets for long. Greek Finance Minister ...
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Canada Dollar Little Changed Amid Bets on Whether Officials Act on Crisis
Bloomberg
The currency, nicknamed the loonie for the image of the bird on the C$1 coin, had its biggest weekly loss versus its US counterpart since the depths of the financial crisis almost three years ago. Oil, Canada's biggest export, fell and stocks trimmed ...
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US, Israel Walk Line on Palestinian Finances
Wall Street Journal
By JOSHUA MITNICK RAMALLAH, West Bank—The specter of financial crisishangs over the Palestinian statehood bid submitted to the United Nations—a scenario that threatens not only the viability of the Palestinian Authority but of the peace process ...
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Wall Street Journal
Let's hope this economic crisis doesn't turn into a record-breaking recession
Telegraph.co.uk
It's true there are plenty of parallels between now and the financial crisis of 2008. But there's also one big difference. Post Lehman Brothers, there was a global political attempt to address the problem. This time, our so-called leaders are taking ...
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Telegraph.co.uk
NZ 'in good shape' - English
New Zealand Herald
By Audrey Young Finance Minister Bill English said that compared to the pessimism in the United States, the New Zealand was in "pretty good shape." "Where we are affected is that while we are pretty sea-worthy, the sea itself is getting rougher. ...
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World Bank and IMF Meet at Critical Juncture
The Fiscal Times
Other ideas could address certain aspects of the failed post-Bretton Woods economic order. For example, if all countries enacted a small tax on financial transactions, it might cool down the hotmoney that has made countries more vulnerable to rapid ...
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Goldman Sachs Could Be Headed Toward First Loss Since Financial Crisis
Huffington Post
Growing concerns about the weakness of economic growth around the world are increasingly dimming prospects for American financial institutions, amplifying risks of spiraling troubles. Even Goldman Sachs, the well-known investment bank, ...
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US Money Funds Cut European Bank Debt to Five-Year Low
BusinessWeek
The longer it goes on, the greater the likelihood the central banks will have to step in and take action.” Group of 20 finance chiefs pledged yesterday to address rising risks to the global economyand pushed Europe to contain its sovereign-debt crisis ...
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Sovereign-debt 'spiral' seen imperiling Europe
MarketWatch
By William L. Watts, MarketWatch FRANKFURT (MarketWatch) — Financial markets delivered a clear thumbs-down verdict Friday morning on the Group of 20's attempt to soothe worries about Europe, triggering speculation the world's top economic policy ...
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Jittery depositors pull €525m from lenders in three months
Irish Independent
... the IMF report said. Its warning followed a report by the European Systemic Risk Board that said threats to the financial system had increased considerably as economic growth prospects were now being severely dampened on foot of the euro debt crisis.
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Where to Find the Best Bargains in Beaten-Down Europe
Wall Street Journal (blog)
... a strategist at HSBC Bank, in a Friday note to clients. And the brewing storm, while frightening, should prove less severe to stock markets than the 2008 financial crisis, according to Richard Taylor, head of European equity research at Jefferies. ...
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Emerging central banks step up currency support
Reuters
"I don't think that they are trying to alter the current trends but prevent an unwind of positioning like what we saw during the Asian financial crisis." Taiwan unloaded $300 million to prop up the Taiwan dollar on Friday TWD= a day after the currency ...
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Rogue trading: why are speculators free to gorge on yet another acronym?
The Guardian (blog)
ETFs (Exchange Trader Funds) are behind the UBS rogue trading. Have we have learned nothing from the financial crisis? Kweku Adoboli leaves court having been charged with fraud after Swiss bank UBS said it had lost billions in unauthorised trades. ...
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The Guardian (blog)
Global markets on edge as world finance leaders meet
The Australian
FEARS of a new financial crisis are rocking markets as Australian superannuation portfolios are held hostage to international events, including a critical meeting this weekend in Washington of the Group of 20 finance leaders. While there was some hope ...
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IMF chief tells Europe: you must bail out the banks again | Business ...
IMF says debt crisis has cost institutions €300bn as bank shares plummet on new market fears ...She said: "It is critical that to fuel growth, banks be in a position to finance the economy, tofinance .... One euro coin/eurozone crisis .... Zeitgeist is an experiment in showing trending news, topics and articles from the Guardian. ...
www.guardian.co.uk/world/.../imf-chief-europe-bail-out-bank...
IMF chief faces 1st test in European financial crisis - Courier News
French Finance Minister Christine Lagarde poses before giving a television ... when the IMFdowngraded its outlook for the global economy, the United States and ... Without the next installment of that support, Greece has only enough money to ... It would also deal a blow to many European banks, which are large holders of ...
couriernews.suntimes.com/.../imf-chief-faces-1st-test-in-europ...
EU, IMF raise concerns over bank capital - DailyFinance
Meanwhile, the IMF said in its half-yearly World Economic Outlook that banks needed to ... They then have several months to try to raise the money on the market or seek aid from their governments. ... The EU loosened some of its rules on government aid to banks during the 2008financial crisis, ... Latest Financial News ...
www.dailyfinance.com/article/eu-imf-raise...over.../892761/
Emerging countries avoid the idea of financial support to the euro ...
Money in the stock market requires a close understanding of the financial market. ... you the latest investment analysis with financial news, finance analysis and forex ... in Washington today, the eve of the annual meetings of IMF and World Bank, ... chief economist of BBVA, the economic crisis broke out three years ago has ...
www.bestgrowthstock.com/.../emerging-countries-avoid-the-id...
Europe faces big hit from debt crisis: IMF - MarketWatch
The estimate comes as the IMF said risks to global financial conditions have risen for ... Thefinancial crisis has lasted so long that central banks have limited room to provide ... Track the latest economic-data reports • Latest news on the Federal Reserve ... Financial Stability Facility to inject money into capital-starved banks. ...
www.marketwatch.com/.../europe-faces-big-hit-from-debt-cris...

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