TOKYO — A key Japanese central bank report said Monday that sentiment among big manufacturers has sagged but that optimism is at a three-decade high among large business outside the manufacturing sector. The Bank of Japan’s “tankan” report said sentiment among large manufacturers, which include auto and electronics giants, declined in March for the first … Read more
LONDON — A British financial trader, who has been described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis, lost his appeal Wednesday to have his conviction quashed. Tom Hayes, 44, who was a former trader at U.S. bank Citigroup and Switzerland’s UBS, became in 2015 … Read more
ANKARA, Turkey — Turkey’s central bank raised its key interest rate by 5 percentage points on Thursday, resuming a policy of rate hikes aimed at combating soaring inflation that is causing households severe economic pain. In a surprise decision, the central bank said it was raising the benchmark one-week repo rate to 50%. The bank … Read more
FRANKFURT, Germany — The European Central Bank left its key interest rate at a record high as it waits for more confirmation that toxic inflation is under control for good — even as high borrowing costs drag on the stalled economy. The decision Thursday comes as central banks around the world, including the U.S. Federal … Read more
CAIRO — The Egyptian pound slipped sharply against the dollar on Wednesday after the Central Bank of Egypt raised its main interest rate and said it would allow the currency’s exchange rate to be set by market forces. The measures were meant to combat inflationary waves and attract foreign investment as the country experiences a … Read more
ABUJA, Nigeria — Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across the country. The latest government statistics released Thursday showed … Read more
BERLIN — Germany’s state-owned development bank has sold shares in the company that owns the national postal service for about 2.17 billion euros ($2.3 billion), reducing the government’s stake and raising money to help finance improvements to the country’s rail network. The KfW bank, which holds the government’s remaining stakes in previously state-held companies, said … Read more
ISTANBUL — Turkey has seen its fifth central bank leader depart in as many years as Hafize Gaye Erkan, the first woman in the top role, stepped down after just eight months in the job. She announced her resignation late Friday after recent claims of nepotism emerged in local media, allegations that Erkan, a former … Read more
ATHENS, Greece — Greece completed a major privatization Friday, selling its 30% stake in the biggest airport operator in the tourism-reliant country during an initial public offering, officials said. Shares in Athens International Airport are expected to begin trading on the Athens stock exchange starting Wednesday, the airport said in a statement. Finance Minister Costis … Read more
FRANKFURT, Germany — European Central Bank President Christine Lagarde will likely push back Thursday against expectations for quick interest rate cuts even as Europe’s economy sputters and financial markets froth in hopes of cheaper credit that would boost business activity and stock prices. She will likely underline that the bank needs to see more proof … Read more