central bank

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Bitcoin Plummets in China Amid Ban

Central bank: It's not a real currency

(Newser) - On Monday, China's central bank told top Chinese payment-processing firms they could no longer deal in digital currencies; two days later, the country's top Bitcoin exchange, BTC China, has now had to stop taking deposits in China's currency, the renminbi. Now, the value of bitcoin in the... More »

Gunmen Swipe $54M From Libya Central Bank Van

'A catastrophe for the whole of Libya'

(Newser) - Ten gunmen stole $54 million from a bank van as it entered the city of Sirte in Libya after departing the airport, the BBC reports. The cash had come from Libya's central bank in Tripoli. The van had a single security vehicle as protection, and guards "were unable... More »

Stocks Jump 400+ on Trio of Good News

Central banks and China make moves, private-sector employment jumps

(Newser) - The market took a major jump at open on the announcement that six central banks were moving to make it easier for European banks to get dollars, with the Dow rising 322 points to 11,877, reports the Wall Street Journal . As of 9:55am, it was up 405 points.... More »

Central Banks Move to Ease Market Strains

Stock futures surge on the news

(Newser) - Central banks around the world plan to ease the strain on the global financial system by taking coordinated action to prevent a lack of liquidity, they announced in a statement this morning—news that sent stock futures soaring more than 250 points . The Bank of Canada, Bank of England, Bank... More »

Ireland: OK, OK, We'll Take the Bailout

'It will happen, absolutely,' says Central Bank governor

(Newser) - Ireland finally dropped the denial act today, with central bank chief Patrick Honohan saying that, yes, fine, the country would take a bailout from Europe and the IMF. “It is my expectation that will happen, absolutely,” he said. “It will be a large loan, because the purpose... More »

Why the World Should Worry About California

It faces the same troubles that shook Greece

(Newser) - Greece's financial trouble may have seemed far off before it helped send the stock market into a tizzy. Business Insider says the same kind of mess could easily hit even closer to home, in California. A sampling of its 16 reasons:
  • Even after last year's huge cuts, the state still
... More »

Bankers Saved the World: Bernanke

(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks... More »

Bernanke: Hero on Wall Street, Despised in Congress

(Newser) - Ben Bernanke can expect a standing ovation from economists at a Fed retreat in Jackson Hole today—for the financial establishment, the Fed chairman is a superhero, hailed for his aggressive, unprecedented actions to stem the worst crisis in generations. Yet on Capitol Hill he's far less popular, and the... More »

Merkel Rips the Fed for Deepening Crisis

German chancellor says central banks have made economy worse

(Newser) - World leaders rarely criticize central banks in public, but yesterday Angela Merkel laid into the Fed, the European Central Bank, and other institutions for deepening the global economic crisis. In a tough speech, the German chancellor claimed that the banks were too powerful, had acted too aggressively, and, in the... More »

Zimbabwe Unity Government Divided Over 2 Key Posts

Attorney General, Bank Chief positions cause deadlock; mediators called in

(Newser) - The appointment of two key officials has become a sticking point in the tenuous power-sharing agreement between Zimbabwean President Robert Mugabe and Prime Minister Morgan Tsvangirai, Reuters reports. The rivals can’t agree on an attorney general or central bank chief, and Tsvangirai has called upon the Southern African Development... More »

Zimbabwe Central Bank Stole Cash to Stay Solvent

Governor admits pilfering private accounts to keep ministries running

(Newser) - Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when... More »

Bernanke's PR Campaign Strips Fed Mystique

Fed chief considering press briefings as part of push for more open central bank

(Newser) - Ben Bernanke is breaking from his predecessors at the Federal Reserve by giving the public a less obstructed view of the Fed's role in the big picture, the Wall Street Journal reports. Bernanke, thrust into the spotlight by the financial crisis, has ditched the man-behind-the-curtain mystique earlier chiefs reveled in... More »

Euro Bank Chief Slams US on Stimulus

Central bank chief says nations must get the last effort right

(Newser) - The head of the European Central Bank says the continent does not need to spend more to combat recession, heightening the standoff between Washington and European governments over response to the financial crisis. In an interview with the Wall Street Journal, Jean-Claude Trichet said governments should concentrate on executing measures... More »

UK Drops Rates to 0.5%, Begins 'Printing Money'

Quantitative easing begins with $108B of new money

(Newser) - The Bank of England cut interest rates today by 50 basis points to an all-time low of 0.5% and began a far more drastic process: quantitative easing, or "printing money." The Times of London reports that the Bank received permission from the government this morning to spend... More »

'Helicopter Ben' Should Shower Us With Cash

Fed can prevent deflation, but problems lurk down the line

(Newser) - With interest rates functionally zero, Ben Bernanke is soon going to have to resort to the central banker's ultimate weapon: printing cash and showering Americans with money. There's no question that the "helicopter drop" will prevent the dreaded spiral of deflation, writes Martin Wolf in the Financial Times.... More »

Schwarzman Weighs In on Market Reforms

Private-equity billionaire says regs should be global, streamlined

(Newser) - With the world in “the worst financial crisis in recent memory,” private-equity billionaire Stephen Schwarzman advocates seizing the opportunity to prevent a repeat. In an op-ed piece in the Wall Street Journal, the Blackstone CEO, who pocketed $677 million from the firm’s IPO last year, calls for... More »

Stocks Rocky After Rate Cuts

Investors cheer/jeer/cheer the rate cut

(Newser) - Stocks had a volatile morning, dropping as much as 230 points after the bell before swinging upwards once more, the Wall Street Journal reports. The Dow was up about 39 points at midmorning, while the Nasdaq and S&P gained 0.7% and 0.8% respectively, as investors digested a... More »

Fed Joins 5 Central Banks in Shock Rate Cut

US, EU, UK, others offer 50-point reduction to reverse diving markets

(Newser) - The Federal Reserve and five other central banks cut interest rates by 50 basis points in an emergency attempt to stem the economic effects of the credit crisis, reports Bloomberg. The move brings the American benchmark rate to just 1.5%, while the European Central Bank and the monetary authorities... More »

IMF to US: Do Something NOW

Monetary fund chief pressures Congress to pass bailout, Europe to make plans

(Newser) - The US must act swiftly to avoid economic meltdown and Europe's banks need to be ready with emergency plans of their own, IMF's managing director warns. European and Asian markets have bounced back on the prospects of a revived US bailout deal, but JP Morgan analysts warned yesterday that Europe's... More »

European, Asian Markets Edge Up After Dive

US economic illness goes viral

(Newser) - Europe markets edged back up after an early drop today as the failure of the US bailout package continued to sap confidence worldwide, Bloomberg reports. Asia's markets went into freefall on opening this morning but gradually recouped some losses on hopes of a fresh deal. The Nikkei index was down... More »

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