Governance
Banks forgot their wider social duties: HSBC's Green
HSBC chairman and new UK trade minister Stephen Green says banks must reexamine their contract with shareholders and society; sustainability central part of shareholder value
Beijing makes two changes to MPC
People’s Bank of China deputy governor Du Jinfu and Industrial and Commercial Bank of China president Jiang Jianqing will join advisory Monetary Policy Committee
Elizabeth Warren poised to run consumer body: reports
US media say Harvard academic Elizabeth Warren to be named assistant to President in new consumer body; designation will allow her to circumvent politically charged confirmation process
RBI narrows rate corridor with repo, reverse repo hikes
Reserve Bank of India lifts repo and reverse repo rates in first-ever mid-period policy review; narrows rate corridor as flagged to cut market volatility
German paper claims Sarrazin deal pushed onto Buba
Broadsheet says German President Christian Wulff forced Bundesbank to negotiate deal that led to Thilo Sarrazin’s departure; report stirs up concern on Buba’s independence
Oxford SWF Project cautions funds on aping other investors
Oxford SWF Project paper argues sovereign wealth funds’ tendency to copy strategy of other institutional investors misguided
IMF: successful financial liberalisation requires good governance
Fund study shows that good political institutions increase opportunity for sustainable financial deepening
Shirakawa named Asian Consultative Council chair
Bank of Japan governor Masaaki Shirakawa will take over from Bank Negara Malaysia chief Zeti Akhtar Aziz as chair of council housed within Bank for International Settlements
Goolsbee to replace Romer at helm of Council of Economic Advisers
Former University of Chicago professor Austan Goolsbee named as successor to Christina Romer
Sarrazin quits Bundesbank
Bundesbank executive board member Thilo Sarrazin leaves central bank after other board members called for his dismissal over anti-Semitic remarks
Britain names new head of fiscal watchdog
Institute for Fiscal Studies director Robert Chote is chancellor George Osborne’s choice to head government’s Office for Budget Responsibility; Chote likely to be approved by Treasury Select Committee
France’s Redouin favours central banks’ new dual role
Banque de France first deputy governor Jean-Paul Redouin says having financial stability and monetary policy under one roof will strengthen surveillance of financial sector
Pakistan confirms Kardar as governor
Former regional finance minister Shahid Kardar appointed as governor of State Bank of Pakistan for three-year term
Hungary told to lift cap on central bankers’ pay
European Commission says Hungary could face legal action if it does not lift salary cap on central bank employees
Pakistan set to pick bureaucrat as next governor
Islamabad looks likely to break with trend and pick former government official Shahid Kardar as next State Bank of Pakistan governor, reports say
Margaret Cole joins UK FSA Board
Financial Services Authority promotes Margaret Cole to board as managing director of enforcement and financial crime
Adia appoints new chief economist
Chief economist Ted Chu joins Abu Dhabi’s sovereign wealth fund from General Motors
BoE’s Haldane: China must not overshoot on financial reform
Bank of England executive director Andrew Haldane says China must continue to promote patience while harnessing impatience
Banks need more time to reform pay standards: IIF
Institute of International Finance says lenders need more than year to bring pay standards in line with Financial Stability Board’s principles; regulators must speed up coordination efforts
Trichet to be first head of European Systemic Risk Board
European Central Bank president Jean-Claude Trichet will chair continent’s new systemic risk board until the end of his term; proposal reflects compromise between parliament and national governments