Business and Finance news

The European Central Bank said its offerings of three-month cash will return to variable interest rates on April 28. President Jean-Claude Trichet made the announcement at a press conference in Frankfurt.
“Amounts will be set with the aim of ensuring smooth conditions in money markets” and avoiding “significant spreads” between the ECB’s benchmark rate […]

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European Union Monetary Affairs Commissioner Olli Rehn will likely push Greece to do more to cut its budget deficit today as governments craft a possible rescue package for the cash-strapped nation.
Rehn will meet with Prime Minister George Papandreou as German lawmakers say euro-area officials are devising a plan to grant Greece about 25 […]

Estonia is set to adopt the euro on its target date in 2011 because of the Baltic country’s work on fulfilling economic requirements, European Union Economic Affairs Commissioner Joaquin Almunia said yesterday.
“It is quite possible that Estonia will be in the euro by 2011,” Almunia told the European Parliament in Strasbourg. The data […]

Honolulu’s lengthy and contentious battle over regulating bed and breakfast lodgings could be nearing an end.
Bill 7, introduced in the Honolulu City Council nearly two years ago, faces a final vote Dec. 16.
The measure would permit up to 1,275 new bed and breakfast homes in residential neighborhoods, ending a 20-year ban on their permitting.
Bill 7 […]

Wal-Mart’s much-awaited Black Friday deals will focus on a gamut of gadgets such as high-definition TVs, laptops and Blu-ray players, as well as holiday gift favorites such as toys and DVDs, according to a copy of the retailer’s circular obtained by CNNMoney.com.
While not confirming the entire circular, a Wal-Mart spokeswoman confirmed some of the […]

The Bank of England should expand its bond-purchase program to as much as 200 billion pounds ($316 billion) next month to secure Britain’s recovery from recession, the British Chambers of Commerce said.
“With quantitative easing, there’s still scope for some more,” David Frost, director general of the BCC, said in a Bloomberg Television interview. […]

Hong Kong Monetary Authority Chief Executive Norman Chan said he will maintain the city’s fixed exchange rate, after the central bank intervened under his watch for the first time to stop the Hong Kong dollar gaining.
Chan, who began work as the head of the HKMA today, said his first task was “to keep […]

Former Federal Reserve Chairman Alan Greenspan said the U.S. will have to both tighten credit and raise taxes as the economy pulls out of the worst recession since the 1930s.
“The presumption that we’re going to be able to resolve this without significant increases in taxes is unrealistic,” Greenspan, 83, said in an interview […]

Hong Kong’s central bank warned lenders in the city that their “intense price competition” on mortgages isn’t sustainable and may erode industry profit margins and increase risks.
Banks have cut home loan rates “to such an extent that they might not have given due regard to the reputation risk, interest rate risk and liquidity […]

Singapore’s industrial production unexpectedly surged the most in 16 months in July as pharmaceuticals output jumped and the electronics slump eased, heralding a sustained economic recovery.
Manufacturing, which accounts for about a quarter of Singapore’s economy, rose 12.4 percent from a year earlier following a revised 9 percent decline in June, the Economic Development […]