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BUSINESS
April 11, 1998 | FROM INQUIRER WIRE SERVICES
Japan's central bank punished 98 employees yesterday in a bribery scandal that has shaken the country and its powerful bureaucracy. Penalties ranged from reprimands to temporary salary cuts. The scandal centers on favors granted in exchange for lavish entertainment. In just a few months, it has claimed the jobs of two ranking Finance Ministry officials, including the finance minister. Four other ministry officials have been arrested. Two more Finance Ministry officials, as well as an executive at a public corporation and a national lawmaker, hanged themselves rather than face questioning by prosecutors.
BUSINESS
December 19, 1990 | Daily News Wire Services
The Federal Reserve's dramatic decision to cut a key interest rate today will reduce Americans' borrowing costs, but won't avert a recession, economists say. The first drop in the Fed's discount rate in four years, from 7 percent to 6.5 percent, will almost certainly prompt banks to reduce their lending rates, analysts said. The discount rate is the interest the Fed charges member banks for loans. Major area banks by late this morning hadn't lowered the interest rates they charge as a result of the Fed's actions.
BUSINESS
July 1, 1998 | FROM INQUIRER WIRE SERVICES
The Federal Reserve warned bankers across the country yesterday to tighten their rules for business lending because an economic slowdown, if it comes, could leave them vulnerable to a rash of bad loans. The central bank said it sent a letter last week to federal and state bank examiners in which it cautioned that this was "a critical time for banks to maintain their lending discipline" and to stiffen controls if possible. "This is intended to be a warning light for bankers because of the belief that some banks are beginning to believe the business cycle is dead, all loans are safe, there will never be another recession," said economist David Wyss of DRI/McGraw Hill Inc. in Lexington, Mass.
BUSINESS
March 9, 1991 | From Inquirer Wire Services
The Federal Reserve took a step yesterday aimed at cutting interest rates and, thus, pulling the country out of the recession. The central bank, acting just hours after the government's monthly unemployment report showed that the recession deepened in February, added reserves to the banking system. The move was widely interpreted by economists as a signal that the central bank had embarked on another round of credit- easing. With more money available, banks can lower interest rates, which promotes borrowing by businesses and individuals and sparks economic activity.
NEWS
October 20, 1987 | Daily News Wire Services
Federal Reserve Board chairman Alan Greenspan, seeking to ensure that the turmoil in the stock market does not spread to the nation's banks, pledged today to provide the necessary liquidity to protect the financial system. Some analysts said the Fed's pledge was an attemptto put downward pressure on interest rates, easing pressure on the markets. In a one-sentence statement issued before the market opened, Greenspan said: "The Federal Reserve, consistent with its responsibilities as the nation's central bank, affirmed today its readiness to serve as a source of liquidity to support the economic and financial system.
BUSINESS
March 26, 2013 | By Elena Becatoros and Menelaos Hadjicostis, Associated Press
NICOSIA, Cyprus - The Central Bank of Cyprus says the country's finance minister has decided to order all banks in the country to remain shut until Thursday. The announcement late Monday came hours after the central bank had said all banks except the country's two largest lenders, Laiki and Bank of Cyprus, would open Tuesday morning. Banks have been closed since March 16 to avert a run on deposits as the country's politicians struggled to come up with a plan that would raise enough funds to qualify for an international bailout.
BUSINESS
February 4, 1994 | FROM INQUIRER WIRE SERVICES
The financial markets swirled with speculation that the Federal Reserve Bank yesterday nudged short-term interest rates higher, reversing a three- year trend toward lower rates. However, a number of economists strongly disagreed, saying the nation's central bank would be unlikely to signal a tightening in credit conditions before its Federal Open Market Committee, which sets monetary policy, completes its two-day meeting today. Many financial and economic experts expect the Federal Reserve to tighten short-term interest rates sometime this year to help contain nascent inflation pressures growing out of the economic recovery, which accelerated last quarter.
BUSINESS
March 7, 1986 | From Inquirer Wire Services
The central banks of West Germany and the Netherlands yesterday reduced their discount rates, and France and Japan said they would follow suit, igniting speculation that a corresponding cut by the U.S. Federal Reserve Board was imminent. Financial analysts said the cuts by foreign central banks would allow the Federal Reserve Board to push credit costs lower here and provide a further boost to the economy. The central bank of West Germany, the Deutsche Bundesbank, announced that it was reducing its discount rate - the charge on loans to commercial banks - to 3.5 percent from 4 percent, effective today.
BUSINESS
March 15, 1988 | By Jennifer Lin, Inquirer Staff Writer
The Federal Reserve Board is making a mistake by depending on a broadened selection of financial data to set monetary policy, a panel of conservative economists said yesterday. The Shadow Open Market Committee, a self-appointed watchdog of the central bank, urged the Fed to go back to focusing on efforts to keep up steady, moderate growth of the nation's money supply instead of trying to adjust the money supply in reaction to signals from Wall Street. The committee was responding to the controversial disclosure last month that the Fed, in determining monetary policy, would pay closer attention to exchange rates, bond yields and commodity prices.
NEWS
April 10, 2013 | By Albert Aji and Ryan Lucas, Associated Press
DAMASCUS, Syria - A suicide car bomber struck Monday in the financial heart of Syria's capital, killing at least 15 people, damaging the nearby central bank, and incinerating cars and trees in the neighborhood. The attack was the latest in a recent series of bombings to hit Damascus in the civil war, slowly closing in on President Bashar Assad's base of power in the capital. Rebel fighters have chipped away at the regime's hold in northern and eastern Syria, as well as making significant gains in the south, helped in part by an influx of foreign-funded weapons.
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ARTICLES BY DATE
NEWS
November 17, 2014 | By Susan Snyder, Inquirer Staff Writer
The Federal Reserve Bank of Philadelphia opened on Nov. 16, 1914, with 24 employees, less than $6 million in deposits from member banks, and an uncertain future. One hundred years later, the eight-story Independence Mall fixture - one of 12 banks that, along with the board of governors, makes up the nation's Federal Reserve System - marks a milestone in its history of helping the nation through some of its most difficult financial times, from double-digit inflation to the most recent recession.
BUSINESS
November 4, 2014 | By Erin E. Arvedlund, Inquirer Columnist
You may not agree with what central banks are doing worldwide, but their actions will force stock markets to levitate, says one prominent local money manager. David Kotok, chairman and chief investment officer at Cumberland Advisors in Vineland, argues that Friday's announcement by the Bank of Japan strongly increasing its quantitative-easing program represents a "massive, bullish shift for many stock markets worldwide. Included in the shift are Japan and its associated markets but also, importantly, the United States," he contends.
BUSINESS
January 21, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
A few weeks ago, just after the Federal Reserve let him back onto its policy-setting Open Market Committee (he rotates on and off), Philadelphia's Federal Reserve Bank president, Charles I. Plosser , got investors' attention when he told a crowd of economists that the Fed might be forced to raise interest rates rapidly to unwind lame-duck chairman Ben Bernanke's cheap-money policy. "Plosser rattled the stock markets a bit," Steve Goldstein told readers of the Wall Street Journal's MarketWatch that day. Any Plosser plunge was quickly reversed by more soothing statements by other Fed figures.
BUSINESS
June 29, 2013 | By Joe Mcdonald, Associated Press
BEIJING - Like a boxer slimming down for a fight, Li Zhongjian is shrinking his 20-year-old cigarette-lighter manufacturing business to brace for a credit crunch he sees looming over China's entrepreneurs. Li's workforce in the southeastern city of Wenzhou has shrunk by half, to 300, this year and he isn't replacing employees who leave. He said he used to borrow money but was preparing to do without credit that might no longer be available as regulators try to force Chinese banks to cool a lending boom they worry could race out of control.
BUSINESS
June 20, 2013 | By Steve Rothwell, Associated Press
NEW YORK - Financial markets shuddered Wednesday after the Federal Reserve said it could start scaling back its huge economic-stimulus program later this year and end it by mid-2014. Wall Street's reaction - the Dow Jones industrial average fell more than 200 points, and the yield on the 10-year Treasury note rose to its highest in 15 months - showed just how much investors have come to depend on the Fed's easy-money policies, which have helped send the stock market up 140 percent in the last four years.
BUSINESS
June 12, 2013 | By Matthew Craft, Associated Press
NEW YORK - Renewed concerns that central banks will ease off their support for the global economy hit the U.S. markets Tuesday, wiping out their gains for the month. It looked bad from the start. Indexes began sliding from the opening bell, trailing markets in Asia and Europe, which were rattled when the Bank of Japan decided not to take any new steps to spur growth in the world's third-largest economy. The word out of Japan added to questions surrounding global central banks, investors said.
NEWS
April 10, 2013 | By Albert Aji and Ryan Lucas, Associated Press
DAMASCUS, Syria - A suicide car bomber struck Monday in the financial heart of Syria's capital, killing at least 15 people, damaging the nearby central bank, and incinerating cars and trees in the neighborhood. The attack was the latest in a recent series of bombings to hit Damascus in the civil war, slowly closing in on President Bashar Assad's base of power in the capital. Rebel fighters have chipped away at the regime's hold in northern and eastern Syria, as well as making significant gains in the south, helped in part by an influx of foreign-funded weapons.
BUSINESS
March 26, 2013 | By Elena Becatoros and Menelaos Hadjicostis, Associated Press
NICOSIA, Cyprus - The Central Bank of Cyprus says the country's finance minister has decided to order all banks in the country to remain shut until Thursday. The announcement late Monday came hours after the central bank had said all banks except the country's two largest lenders, Laiki and Bank of Cyprus, would open Tuesday morning. Banks have been closed since March 16 to avert a run on deposits as the country's politicians struggled to come up with a plan that would raise enough funds to qualify for an international bailout.
BUSINESS
March 23, 2013 | Associated Press
NICOSIA, Cyprus - Cypriot politicians moved Thursday to restructure the country's most troubled bank as part of a bailout plan that must be in place by Monday to avoid financial ruin. Customers rushed to get cash from ATMs as bank employees protested. Cyprus has been told it must raise 5.8 billion euros ($7.5 billion) if it is to receive 10 billion euros ($12.9 billion) from its fellow eurozone countries and the International Monetary Fund. If it does not find a way by Monday, the European Central Bank has said it will cut off emergency support to the banks, letting them collapse.
BUSINESS
February 22, 2013 | Associated Press
FRANKFURT, Germany - The European Central Bank says Italian government bonds account for nearly half of its total holdings under a now discontinued bond-buying program launched in 2010 to ease the eurozone's debt crisis. The bank on Thursday detailed for the first time what countries' bonds it acquired under the so-called Securities Markets Program, which it started when the euro area's debt crisis flared in May 2010. The central bank for the 17 European Union countries that use the euro said it held bonds with a face value of 218 billion euros ($287 billion)
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