The European Central Bank is likely to keep interest rates on hold on Thursday but may offer clues on its policy path for next year with updated forecasts likely to present a grim outlook for the euro zone economy in 2013.
The European Central Bank is likely to keep interest rates on hold on Thursday but may offer clues on its policy path for next year with updated forecasts likely to present a grim outlook for the euro zone economy in 2013.
LONDON - Britain’s financial watchdog wants more banks to help set Libor, saying firms that do not volunteer to join panels that calculate the interest rate daily could be compelled to.
Britain’s HSBC said Wednesday it would sell its stake in China’s second largest life insurer Ping An to a Thai firm for $9.4 billion, in a shift back towards its traditional banking business.
European Union ministers failed Tuesday to seal a deal for a new system to police thousands of banks across the bloc’s borders, pushing decisions back to a fresh meeting next week.
The European Central Bank may give a guide to next year’s policy path when it delivers fresh forecasts for the euro zone economy on Thursday at a meeting where it is expected to leave interest rates at a record low.
BRUSSELS - Divisions over how European bank oversight will work threaten to undermine one of Europe’s boldest reforms as finance ministers finalise plans to put the European Central Bank in charge of supervising all euro zone banks on Tuesday.
Factory activity across Asia broadly picked up in November, with China adding to the improvement seen in the previous month, as hopes rise that the region is beginning to rebound from its recent slumber.
German parliamentarians questioned Deutsche Bank’s compliance chief Stephan Leithner and former board member Hugo Baenziger on Wednesday over how banks including the German lender manipulated global benchmark interest rates.
Asian financial leaders warned Europe on Tuesday to limit any delay in stricter banking rules to months not years amid fears the United States’ decision to shelve the controversial new global regime could derail it completely.
European banks have asked the European Commission to postpone the introduction of tougher global bank capital rules by a year to 2014 after US regulators told lenders they did not expect the new regulations to take effect in 2013.