Tag: Bankers

Global central bankers say fiscal aid crucial in new phase of pandemic battle

(Reuters) – Top U.S. and European central bankers on Tuesday called for renewed government spending to support families and businesses as the battle against the coronavirus-triggered recession enters a newly critical phase.

FILE PHOTO: Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate’s Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS/File Photo

Hopes for new fiscal support in the United States, however, were dealt a serious blow when President Donald Trump abruptly canceled ongoing negotiations with Democrats in the U.S. House of Representatives.

The growth in new COVID-19 cases is again accelerating in parts of the United States and Europe, raising the prospect of new restrictions on commerce even as whole industries and millions of households are still reeling

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Central bankers call for fiscal aid at ‘critical’ point in pandemic battle

(Reuters) – Top U.S. and European central bankers on Tuesday called for renewed government spending to support families and businesses as the battle against the coronavirus recession enters a newly critical phase.

FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies during a Senate’s Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Drew Angerer/Pool via REUTERS

The growth in new cases of COVID-19 is again accelerating in parts of the United States and Europe, raising the possibility of new restrictions on commerce even as whole industries and millions of households are still reeling from those imposed in the spring during the first viral wave.

Those health risks and the possibility of a long “slog” of slow growth and elevated joblessness means the United States remains at risk of a “recessionary

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Mid-recovery, coronavirus spreading, global central bankers take stock

By Howard Schneider

WASHINGTON (Reuters) – The world’s top central bankers have opened the taps with trillions of dollars in promised credit to prevent a global pandemic from causing a global economic depression.

On Tuesday they will update their plans in presentations that could begin to signal just how much more they feel they can do in response to a once-in-a-century economic shock triggered by the spread of the coronavirus.

Despite the efforts made so far, the global economy is not out of the woods given the unique risks posed by the health crisis, and top officials from the Federal Reserve, European Central Bank and Bank of Japan are likely to acknowledge as much when they speak Tuesday at a virtual meeting of the National Association for Business Economics.

“We know monetary policy is pedal to the metal,” Chris Varvares, co-head of U.S. economics for IHS Markit’s Macroeconomic Advisers, said

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State-and-Local Bailouts, Central Bankers & Climate Change

Welcome to the Capital Note, a newsletter about business, finance and economics. On the menu today: state-and-local assistance, central bankers tackling climate change, and a look at New York’s near-bankruptcy in 1975.



a person standing in front of a large building: A man walks past the Bank of England in London, England, August 6, 2020.


© Toby Melville/Reuters
A man walks past the Bank of England in London, England, August 6, 2020.

State-and-Local Assistance

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State-and-local assistance has emerged as the main sticking point in Congress’s negotiations over another round of coronavirus relief. Democrats have requested $500 billion for states and cities as well as an additional $225 billion for public schools, roughly double the amount that Republicans are willing to provide.

Whatever its merits, the Democratic proposal effectively attempts to use pandemic relief as a backdoor bailout for states and cities with Democratic constituencies. Kevin Hassett — a senior advisor to National Review’s Capital Matters and former chairman of the White House Council of Economic Advisors — says assistance on

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Philippine Central Bank Disqualifies Bankers Linked to Wirecard

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a sign on the side of a building: The Wirecard AG logo sits on the company's headquarters during a police and prosecutors raid in Munich, Germany, on Wednesday, July 1, 2020. Wirecard offices in Germany and two locations in Austria were raided by Munich prosecutors looking into the 1.9 billion euros ($2.1 billion) that went missing from the fintech company’s accounts.


© Bloomberg
The Wirecard AG logo sits on the company’s headquarters during a police and prosecutors raid in Munich, Germany, on Wednesday, July 1, 2020. Wirecard offices in Germany and two locations in Austria were raided by Munich prosecutors looking into the 1.9 billion euros ($2.1 billion) that went missing from the fintech company’s accounts.

The Philippine central bank said it will ban from the industry former bank employees who allegedly falsified documents for German payments company Wirecard AG.

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Bangko Sentral ng Pilipinas is adding the former bankers to a list of persons disqualified from becoming directors or officers at any supervised financial institution, it said in an email to Bloomberg on Wednesday.

Wirecard filed for bankruptcy in June after acknowledging that 1.9 billion euros ($2.2 billion) it had listed as assets

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