Financial Regulatory Forum

US House panel seeks plans for future of TARP

    WASHINGTON, July 7 (Reuters) – The U.S. Treasury would have to inform Congress by Dec. 1 on whether it expects to lend more from the $700 billion financial rescue plan under legislation approved late on Tuesday by a House of Representatives panel.
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S.Korea considers FX margin trading curbs -official

A South Korean bank clerk shows new 5,000-won ($4.93) bank notes at the headquarters of Woori Bank in Seoul    By Kim Yeon-hee and Lee Chang-ho
   SEOUL, July 8 (Reuters) – South Korea is considering imposing limits on currency margin trading to curb speculation, a senior official of the country’s financial authority said on Wednesday, a move that may dent brokerage houses’ efforts to expand into forex services.
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Swiss will block UBS handing over data to US

   ZURICH, July 8 (Reuters) – Switzerland will prevent Swiss bank UBS <UBSN.VX> from handing over bank client information to U.S. tax authorities, which would breach Swiss law, the Justice Ministry said on Wednesday.
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Britain to unveil banking reform blueprint

    By Christina Fincher and Huw Jones
   LONDON, July 8 (Reuters) – Britain is to set out its blueprint for beefing up financial regulation later on Wednesday in a bid to prevent a re-run of the crisis that forced it to bail out banks with billions of pounds of taxpayers’ money. (more…)

UBS will ‘pay a price’ in US tax case, Swiss minister says

   By Kim Dixon
   WASHINGTON, July 7 (Reuters) – Swiss bank UBS AG has made mistakes and will likely have to pay a price to settle the U.S. government’s tax case against it, Switzerland’s domestic economy minister said on Tuesday. (more…)

Nigeria surprises with rate cuts, lifts forex controls

Nigerian Central Bank Governor Joseph Sanusi   By Randy Fabi
   ABUJA, July 7 (Reuters) – Nigeria’s new central bank chief surprised markets by slashing interest rates by 2 percentage points on Tuesday, as he also set about reforming the banking sector and lifted foreign exchange controls. (more…)

U.S. should be open to second stimulus – congressional leader

   By Susan Cornwell and Jeremy Pelofsky
   WASHINGTON, July 7 (Reuters) – U.S. leaders should be open to the possibility of a second stimulus package to jolt the economy out of a recession still causing job losses, House of Representatives Majority Leader Steny Hoyer said on Tuesday. But in the Senate, Majority Leader Harry Reid was more skeptical of the need for more stimulus spending — an idea which has rattled markets fearful that the economy is far from well and corporate earnings could suffer.  (more…)

Russia, China to push global currency at G8 summit

China's President Hu Jintao    By Stephen Brown
   ROME, July 7 (Reuters) – China, Russia and Brazil will use this week’s G8 summit in Italy to push their view that the world needs to think about a new global reserve currency as an alternative to the dollar, officials said on Tuesday. (more…)

U.S. regulator seeks tighter controls on commodity trading

Chairman of U.S. Commodity Futures Trading Commission Gary Gensler (R) and Securities and Exchange Commission Chairman Mary Schapiro.    By Russell Blinch
   WASHINGTON, July 7 (Reuters) – The top regulator of U.S. futures markets is considering a clampdown on excessive speculation in energy and commodity trading by restricting holdings of big players, part of a broader move by the Obama administration to stabilize the financial markets. (more…)

Pope Benedict seeks “global authority” for economy

Pope Benedict      By Philip Pulella

      VATICAN CITY, July 7 (Reuters) – Pope Benedict called on Tuesday for a “world political authority” to manage the global economy and for more government regulation of national economies to pull the world out of the current crisis and avoid a repeat.  The pope made his call for a re-think of the way the world economy was run in a new encyclical which touched on a number of social issues but whose main connecting thread was how the current crisis has affected both rich and poor nations. (more…)

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