Bank of England expands asset purchases to increase money supply, keeps rates at 0.5 percentAugust 6th, 2009 Rates unchanged, but BoE adds monetary easingLONDON — The Bank of England is keeping official interest rates at a record low of 0.5 percent — but it is expanding its program to expand the money supply by 50 billion pounds to 175 billion pounds. With recent signs of an economic recovery on the horizon, the extension of the so-called quantitative easing program announced by the bank on Thursday indicates it remains cautious about those early indicators.
Bank of England says growth in lending to individuals slows in JuneJuly 29th, 2009 UK lending growth slows in JuneLONDON — Net lending to individuals in the United Kingdom rose by 400 million pounds ($655 million), a drop of 100 million pounds from the six-month average, the Bank of England said Wednesday. Net mortgage lending rose by 300 million pounds, the same as in May but only a third of the April gain and consumer credit rose by 100 million pounds.
British opposition party pledges to overhaul banking system if it wins power next yearJuly 20th, 2009 UK opposition vows financial system changesLONDON — Britain's main opposition party pledged a massive overhaul of financial regulation if it wins a general election next year, foreshadowing a U.S.-style strengthening of the central bank and a new consumer protection agency. The proposals put forward by the Conservative Party include scrapping the existing Financial Services Authority, which has been criticized for failing to detect the faults in the system that led to the current crisis.
Bank of England says positive economic signs, financial watchdog warns against complacencyJune 23rd, 2009 Bank of England sees early positive economic signsLONDON — A Bank of England policymaker said Tuesday that early signs from the bank's program to boost lending are positive, while the head of the country's financial watchdog warned that an early economic recovery could undermine efforts to prevent a repeat of the current crisis. As a report on mortgage lending showed housing market activity remains sluggish, central bank chief economist Spencer Dale said it was too early to judge the effectiveness of its so-called quantitative easing program, but that early signs are positive.
Bank of England holds interest rates at 0.5 pct; maintains policy to increase money supplyJune 4th, 2009 Bank of England keeps interest rates at record lowLONDON — The Bank of England has kept official interest rates at a record low of 0.5 percent and maintained its policy of increasing the money supply to the economy. With early — but tentative — signs of an economic recovery on the horizon, the bank's decision on Thursday represents a cautious stance.
Germany's Merkel criticizes central banks' approach in financial crisisJune 3rd, 2009 Merkel critical of central banksBERLIN — German Chancellor Angela Merkel has voiced skepticism about leading central banks' approach to tackling the economic crisis, suggesting that they may be storing up more trouble for the years ahead. Merkel's comments come as the European Central Bank has faced criticism from some analysts for not being as aggressive as either the U.S.
Bank of England holds interest rates steady at 0.5 percent; increases asset purchase programMay 9th, 2009 Bank of England increases asset purchase programLONDON — The Bank of England has kept official interest rates on hold at a record low of 0.5 percent — but has increased its program to buy back assets to increase the domestic money supply. At the end of its monthly rate-setting meeting on Thursday, the bank said it is increasing the size of its so-called quantitative easing program by 50 billion pounds ($75.4 billion) to 125 billion pounds.
Asian Development Bank approved $10.5 bn in loans in 2008April 17th, 2009 MANILA - The Asian Development Bank (ADB) Friday said that it approved a total of $10.5 billion in loans in 2008, the highest in its 42-year history. India was the largest borrower with $2.9 billion, or 27.4 percent of the total loans extended last year.
India's growth to slip to 5 percent in 2009: ADBMarch 31st, 2009 MANILA - Economic growth in developing Asia was expected to slow to its lowest rate in more than a decade due to the global economic crisis, the Asian Development Bank (ADB) said Tuesday. It predicted India's economic growth would be five percent in 2009.
Europe cuts rates to historic lows amid deepening recessionMarch 6th, 2009 FRANKFURT - The European Central Bank (ECB) cut rates for the fifth time in six months Thursday lowering borrowing costs to an historic low as the Frankfurt-based ECB stepped up efforts to contain the economic fallout from the deepening global recession. Thursday's hefty 50-basis-point reduction brought the ECB's benchmark refinancing rate down to 1.5 percent and followed an announcement in London that the Bank of England (BoE) meeting had also trimmed the cost of money by 50 basis points.
Bank of England cuts rate, boosts money supplyMarch 6th, 2009 LONDON - The Bank of England (BoE) Thursday cut interest rates to 0.5 percent and injected up to 75 billion pounds ($105 billion) into the economy through quantitative easing. The rate cut from one percent was the fifth since last October.
RBI chief meets Pranab, assures more stepsFebruary 24th, 2009 NEW DELHI - The Reserve Bank of India (RBI) Monday said it was closely monitoring the economic scenario and would take 'appropriate policy action as may be necessary'. RBI Governor Duwuri Subbarao Sunday met External Affairs Minister Pranab Mukherjee and 'assured him that the Reserve Bank is constantly monitoring the situation', a bank statement said.
Bank of England cuts interest rates to historic lowFebruary 4th, 2009 LONDON - The Bank of England (BoE) Thursday cut interest rates to an historic low of one percent in a further attempt to stimulate the economy and stave off a deepening recession. The bank's decision to cut borrowing costs by 50-basis-points follows monthly rate cuts since last October, when the key lending rate in Britain stood at five percent.
Hussain blames ECB for crisisJanuary 7th, 2009 LONDON - Former England captain Nasser Hussain feels that the England and Wales Cricket Board (ECB) has let down Kevin Pietersen after having shown faith in his captaincy just four months ago. Pietersen quit as England captain after a long fall-out with coach Peter Moores.
England team leaves for DubaiDecember 22nd, 2008 CHANDIGARH - The England Test squad left here Tuesday night on a chartered plane for Dubai from where the team will board a direct flight to England. 'The England team has boarded a chartered flight.
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