Most interesting finance and busines news.
In the end, Garth Peterson, a rising star at Morgan Stanley in China, was undone by his pursuit of “guanxi.”
A central concept in Chinese society, guanxi loosely translates as “connections” and relationships.” But to Chinese people, it means much more than that: Guanxi equals power.
“Sometimes, money cannot buy you guanxi. But if you have […]
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Mario Draghi’s drive to rein back bankers’ pay is pushing him to the forefront of candidates to succeed Jean-Claude Trichet as head of the European Central Bank.
Italian Foreign Minister Franco Frattini on Sept. 29 backed the country’s central bank chief to run the ECB when Trichet’s term expires in 2011, the first time […]
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A ruble devaluation won’t solve Russia’s economic problems as the world’s largest energy exporter faces “a very difficult next couple of years,” said European Bank for Reconstruction and Development Chief Economist Erik Berglof.
“This is the wrong way to think about the recovery in Russia,” Berglof said in a Sept. 10 interview in London. […]
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Bank of Japan board member Tadao Noda said the central bank shouldn’t end its emergency credit programs prematurely because that could stymie a recovery.
“We need to avoid ending measures too early,” Noda said in a speech today in Matsumoto, central Japan. Still, “having extraordinary policies in place for too long may prevent the […]
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John Taylor has a message for economists who say Ben S. Bernanke is ignoring a benchmark guide for interest rates: They’re wrong.
Taylor should know: He wrote the rule.
Economists from Goldman Sachs Group Inc., Macroeconomic Advisers LLC, Deutsche Bank Securities Inc. and even the San Francisco Federal Reserve Bank argue the Taylor Rule, […]
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Bank of Japan is likely to consider when to end its three unprecedented credit programs separately, minutes show.
“Since each measure was different in its purpose and framework and in its effects on financial markets and overall financial conditions, the future of the measures should not be examined collectively but individually,” members said in […]
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The European Bank for Reconstruction and Development’s board of governors is willing to discuss raising capital, Board Chairman Brian Lenihan said, as the global crisis means more banks and businesses in former communist states need loans and investment.
“The governors of the bank expressed broad openness to discuss enhanced capital needs of the EBRD,” […]
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Stocks jumped Thursday, gaining for the third session in a row, as investors scooped up banks and other shares hit in a selloff that left the Dow at 12-year lows.
The Dow Jones industrial average (INDU) gained 240 points, or 3.5%, managing a three days of back-to-back gains for the first time since late January.
The […]
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Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop […]
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Hong Kong’s central bank lowered its base rate to a record-low 0.5 percent and asked lenders to follow suit to help prop up the city’s faltering economy.
The reduction from 1.5 percent by the Hong Kong Monetary Authority came after the U.S. Federal Reserve cut its benchmark interest rate to as low as zero. […]
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