Banking & Finance
Monday, 28 November 2011 09:54
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NAGOYA: Bank of Japan Governor Masaaki Shirakawa said on Monday the country's economy will eventually resume a recovery but will remain in a severe state for the time being due to the pain from recent yen rises and slowing global growth.
Below are key quotes from Shirakawa's speech and remarks in a meeting with business leaders in Nagoya in the central Japan prefecture of Aichi, home to automobile giant Toyota Motor Corp :
EUROPE DEBT WOES
"The BoJ's baseline scenario is that from a slightly long-term perspective, Japan's economy will eventually return to a sustainable growth path with price stability. But we recognise that this outlook is subject to various uncertainties.
"The most significant risk is the sovereign debt problem in Europe, or in the words of European authorities in official documents, 'the sovereign debt crisis'.
"In Europe, government bond yields for countries whose fiscal conditions have become subject to concern have been rising significantly. ...
ZURICH: The Swiss National Bank is ready to take more action if economic developments and deflationary risks make this necessary, the central bank's vice they will take more action if necessary.
Thomas Jordan said in an interview with Swiss newspaper SonntagsZeitung the cap had lowered the risks for the economy as well as easing deflationary pressure.
"But I would like to remind people that since Sept. 6 we have said that we chairman was quoted as saying ...
BERLIN: Bundesbank President Jens Weidmann believes jointly issued euro bonds could one day be possible but only once the bloc's 17 member states have completly integrated their economic policies, he told a German newspaper in an interview.
In a preview of comments to be published in Saturday's Berliner Zeitung, Weidmann, who is also a member of the European Central Bank's Governing Council, did not rule out euro bonds, but the newspaper did not provide an exact ...
SINGAPORE: Standard Chartered wants to almost double its Singapore revenue to $3 billion over the next three years as it remains bullish on the Asian growth story, its Singapore chief said in remarks published on Saturday.
The bank sees itself growing across its consumer and wholesale banking segments in Singapore after revenue for the business hit $1 billion in the first six months of the year, The Straits Times quoted Ray Ferguson, its Singapore and Southeast ...
MADRID: Spain's Treasury said on Friday it has replaced a planned new 3-year bond issue due Dec. 1 with three off-the-run bonds maturing in 2015, 2016, and 2017.
The announcement came after short-term debt yields in Italy already struggling with higher borrowing costs than Spain - surged to levels regarded as unsustainable for public finances at a tender.
"It seems a sensible thing to do as there is a lot of pressure on the front-end right now," ...
OSLO: Norway's central bank allotted 24 billion Norwegian crowns ($4.08 billion) in F-deposits for Nov. 25-29 at an auction on Friday, it said on its page. The highest rate in the allotment was 2.21 percent.
Copyright Reuters, 2011 ...
BUDAPEST: Senior executives in Hungary's banks said on Friday they would probably face downgrades after Moody's cut Budapest to "junk" status, a move they said would lift financing costs while not locking them out of markets altogether.
The country's banks have been fighting an uphill battle against the policies of Prime Minister Viktor Orban's right-of-centre government which swept into power last year with a two-thirds majority.
The government replaced an international aid deal that came with strict ...
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