South Korea's central bank Friday raised the key interest rate by 25 basis points to 3.25 percent as authorities vowed to step up their battle against inflation in Asia's fourth largest economy
The unanimous decision by the bank's board "will contribute to easing inflation pressures and stabilising inflation expectations", governor Kim Choong-Soo told a briefing.
The Bank of Korea is…Read more
US banking giant Citigroup admitted Thursday that computer hackers had accessed information from around 210,000 US credit card customers.
"During routine monitoring, we recently discovered unauthorized access to Citi's Account Online. A limited number -- roughly one percent -- of Citi bankcard customers' account information... was viewed," the bank said in a statement.
The hackers gained access to customers' names,…Read more
Brazil's central bank boosted its main interest rate to 12.25 percent, a quarter-point increase, extending its effort to rein in inflation in the booming South American economy.
The increase keeps the base rate at the highest in the G20 group of developed and emerging economies and was the fourth hike this year.
The quarter-point rate increase, decided unanimously, continues the…Read more
The World Bank warned Wednesday that Russia had lost its competitive drive in the era of Vladimir Putin and was now the poor relation within the BRICS group of fast-growing emerging economies.
The bank also backed the "innovation" policies pushed by Putin's Kremlin successor Dmitry Medvedev as he sets himself up for a presidential race next year in which both…Read more
The boss of the taxpayer-backed Royal Bank of Scotland refused today to support proposals to ringfence different banking operations and warned that the move could create more risk in the industry.
RBS chief executive Stephen Hester was being grilled over plans detailed by the Independent Commission on Banking (ICB) to separate the retail arms of UK banks from the riskier…Read more
Business Secretary Vince Cable has told MPs the Government is prepared to increase taxation on UK banks if they fail to back small businesses.
Mr Cable was asked to address fears that the UK's top five banks are failing to do enough to meet lending targets as set out under the Project Merlin agreement.
Addressing the Business, Innovation and Skills…Read more
South Korea's top prosecutor on Monday voiced strong objections to a parliamentary committee's decision to scrap an elite investigation team and said the team will continue its probe into a massive corruption scandal involving savings banks.
Prosecutor General Kim Joon-gyu made the remarks after holding an emergency meeting with senior prosecutors to discuss how to respond to last week's decision…Read more
China's central bank, battling rising inflation in May, may raise interest rates banks must pay on deposits and also their reserve requirements, analysts said.
The rate changes, part of an effort to soak up excess liquidity in the economy, could be announced by the People's Bank of China before the government releases new inflation numbers this week, China Daily reported…Read more
Royal Bank of Scotland Group's Chief Executive Officer Stephen Hester is looking to attract sovereign wealth funds in the Middle East ahead of the government's sale of the UK bank, the Sunday Times reported.
Hester met with investment funds in Abu Dhabi, Dubai, Qatar and Kuwait during a tour of the Gulf last week, according to the newspaper. The bank's…Read more
The sale process of South Korea's four suspended savings banks will resume next week following the government's recent failed attempt to find potential buyers for the troubled lenders, industry sources said Sunday.
The government suspended seven savings banks earlier this year due to their capital shortages caused by soured construction loans.Read more