New Global Currency?
A discussion paper from China’s central bank calls for the creation of a global currency to be administered by the International Monetary Fund (IMF). More
Stocks in Asia and Europe Jump on US Bank Plan
Stock markets in Asia and Europe remained in positive territory on Tuesday morning as optimism continues to reign after US Treasury Secretary Timothy Geithner released more details on President Obama’s plan to take billions in so-called “toxic assets” off the hands of the nation’s major banks. More
Geithner Lobbies for More Expanded Oversight
US Treasury Secretary Timothy Geithner is using the AIG bonus fiasco as one more example underscoring the need for more government oversight to address non-bank financial institutions. Geithner is scheduled to speak before the House Financial Services Committee today and it is expected that he will use part of this time to explain the need for more legislative oversight for dealing with financial entities that are exempt from some of the requirements of chartered banks. More
UK Mortgage Rate Approvals Increase for Third Straight Month
The British Bankers’ Association said today that 28,179 mortgages were approved in the month of February – an increase of nearly 4,000 over January. While down 31 percent from one year ago, this still marks the third month in a row that mortgage approvals have increased offering some hope that the UK housing market could be improving. More
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