Bank

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Pound surges vs euro but capped on Bank rate views (Reuters via Yahoo! UK & Ireland News)
Sterling rallied from recent record lows versus a broadly weaker euro on Monday but was pressured against the dollar on expectations the Bank of England will cut interest rates aggressively again later this week.

Financial crisis: Bank of England 'did not understand problem', Sir John Gieve says (Guardian Unlimited)
The Bank of England underestimated the severity of the current financial crisis, according to its deputy governor who has admitted that interest rates are only a "blunt instrument" with which to control the economy. Sir John Gieve told the BBC's Panorama programme, to be screened tonight, that new tools are needed to complement rates. He also admitted that the Bank knew "crazy borrowing" ...

(AFX UK Focus) 2009-01-05 23:08 China's Pudong Bank says 2008 profit up 127.53 pct (Interactive Investor)
SHANGHAI, Jan 6 (Reuters) - Shanghai Pudong Development Bank, a medium-sized Chinese commercial bank partly owned by Citigroup Inc, said on Tuesday its unaudited net profit rose 127.53 percent in 2008 from 2007. The bank posted a net profit of 12.512 billion yuan ($1.83 billion) in 2008 against 5.499 million yuan in 2007, it said in a filing to the Shanghai Stock Exchange. Pudong Bank is ...

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