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NEWS
October 11, 1992
Despite nagging weakness in the U.S. economy, the Federal Reserve was right to resist a further lowering of interest rates last week. Not only did it underscore the political independence of the Fed; it sent a message that this country is waiting for the German Bundesbank to drop its unconscionably high rates so other governments can deal with a recession that threatens to spread worldwide.So acute is the situation that it is not uncharitable to hope Germany gets a good, hard dose of recession itself to jolt the Frankfurt institution to action.
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BUSINESS
By New York Times News Service | March 31, 1995
FRANKFURT, Germany -- Seeking to halt a powerful surge by the German mark and a punishing fall in the American dollar, Germany's central bank cut key interest rates yesterday by up to a half percentage point.The rate cut immediately propelled the dollar up nearly 2 percent against the mark, to end at 1.4090 marks in New York; it finished at 1.3827 Wednesday. The U.S. currency rose to 89.58 Japanese yen, up from 88.39.The Bundesbank's move, the first since May, stunned European markets. Traders generally believed that because of fears of inflation the bank would not try to halt the mark's persistent, monthlong climb.
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NEWS
February 7, 1993
Entreaties from Washington and Wall Street meant nothing. When Germany's cantankerous Bundesbank decided to lower its interest rates Thursday, it did so for reasons strictly European and domestic. These reasons will not go away because of the marginal reductions. Look for further cuts in which the sluggish American recovery will be a decided beneficiary.It is fruitless to figure what factor finally impelled the German central bank to act. Probably it was a convergence of two forces generating pressures that could not be denied.
BUSINESS
By Bloomberg Business News | May 26, 1994
LONDON -- Stocks and bonds tumbled across Europe yesterday amid growing concern that the long slide in interest rates is over even as some countries are struggling to get their economies moving again.In Germany, the Bundesbank was persuaded to cancel a regularly scheduled sale of government bonds after yields climbed 10 basis points to 6.80 percent, their highest level in almost a year."The Bundesbank just ran into a buyer's strike at these rates, and that's very worrying for the bond market," said Jouni Kokko, economist at S. G. Warburg.
BUSINESS
By New York Times News Service | March 16, 1993
BONN, Germany -- Germany's political leaders reached a "solidarity pact" over the weekend, seeking to resolve questions of how to divide the huge financial burden of rebuilding eastern Germany. But the agreement's most immediate effect may be to open the way for the Bundesbank to lower interest rates to try to bolster the flagging economy.Many analysts expect two important rates to be lowered Thursday at a meeting of the policy council of the Bundesbank, Germany's powerful central bank.The Bundesbank had been pressing Chancellor Helmut Kohl's government for months to come up with a comprehensive plan to pay for rebuilding the formerly Communist eastern part of the country.
BUSINESS
By Carl Schoettler and Carl Schoettler,Berlin Bureau | March 19, 1993
BERLIN -- Germany's central bank cut its discount rate half a point yesterday, to 7.5 percent, responding to European complaints that the bank has inhibited economic growth at a time when stimulation is needed.In a terse statement after its morning meeting yesterday, the Bundesbank said the move "continued its policy of step-by-step lowering of the interest rates."In November and February, the bank eased its discount and Lombard rates, the rates banks pay in borrowing money from the central bank.
BUSINESS
By Ian Johnson and Ian Johnson,Special to The Sun | April 21, 1991
FRANKFURT, Germany -- Chastened by its experiences with currency union last year, Germany's influential central bank is leading an attack against the quick creation of a European "super currency."Leaders of Germany's Bundesbank, which is the most important financial institution in Europe, have been saying over the past few weeks that plans by the European Community to unite its 12 currencies by 1997 could lead to the sort of economic problems that Germany now is facing after having united East and West Germany's currencies last July.
NEWS
September 15, 1992
By cutting interest rates after insisting stubbornly it would not do so, Germany's fiercely independent central bank, the Bundesbank, is starting to face up to its international responsibilities as manager of the world's newest de facto reserve currency. Long determined to look out solely for what it perceived as German interests, it has been forced to reverse course because its policies were creating global financial turmoil and plunging all of Europe into recession.The key reason for the Bundesbank's timing is Sunday's referendum in France on the Maastricht Treaty.
BUSINESS
By New York Times News Service | March 31, 1995
FRANKFURT, Germany -- Seeking to halt a powerful surge by the German mark and a punishing fall in the American dollar, Germany's central bank cut key interest rates yesterday by up to a half percentage point.The rate cut immediately propelled the dollar up nearly 2 percent against the mark, to end at 1.4090 marks in New York; it finished at 1.3827 Wednesday. The U.S. currency rose to 89.58 Japanese yen, up from 88.39.The Bundesbank's move, the first since May, stunned European markets. Traders generally believed that because of fears of inflation the bank would not try to halt the mark's persistent, monthlong climb.
BUSINESS
By Bloomberg Business News | March 24, 1993
NEW YORK -- The dollar finished mixed against mos currencies yesterday but weakened against the mark amid concern about high German money-market rates.The dollar fell to 1.63 marks,from 1.639 late Monday. The dollar strengthened to 116 yen as of 4:45 p.m. EST, from 115.77 Monday.The dollar hit a new low of 115.08 yen in London amid expectations that Japan's government will spend huge sums to stimulate its slumping economy.The dollar weakened against the mark after the German central bank, the Bundesbank, in preparing for its purchases and sales of German money-market securities, signaled that it is nervous about lowering German interest rates.
BUSINESS
By New York Times News Service | September 10, 1993
PARIS -- Germany's central bank, widely blamed for Europe's monetary chaos and deepening economic recession, went some way yesterday toward appeasing its many critics by lowering its two influential interest rates by half a percentage point each.The Bundesbank cut its discount rate -- the lowest rate for loans to commercial banks -- to 6.25 percent, from 6.75 percent, and it lowered its Lombard rate, the rate for lending emergency funds to banks, to 7.25 percent, from 7.75 percentCentral banks in Belgium, Italy, Spain and Austria immediately followed the German lead by cutting their main interest rates.
BUSINESS
By Ian Johnson and Ian Johnson,New York Bureau | July 31, 1993
NEW YORK -- Smelling blood after the German central bank declined to lower a key interest rate, currency traders and speculators ganged up on the European Community's monetary system yesterday, nearly cracking the keystone of European unification.In Europe, North America and Asia, traders placed billion-dollar bets that Western Europe's system of fixed exchange rates could not last the weekend. Several European central banks fought back and appeared late yesterday to have staved off the immediate collapse of the Exchange Rate Mechanism, which was created to tie the 12 nations' currencies together.
BUSINESS
By Bloomberg Business News | July 29, 1993
NEW YORK -- U.S. stocks closed mixed yesterday as weakness in IBM and Merck & Co. pushed the Dow Jones industrial average lower and a rally in Medco Containment Services Inc. lifted the Nasdaq Combined Composite index."
BUSINESS
By New York Times News Service | July 2, 1993
BONN, Germany -- The German central bank lowered two key interest rates yesterday, answering calls from President Clinton and European leaders to loosen the monetary reins in Europe's largest and most depressed economy.The Bundesbank's moves, which were made at a meeting in the economically devastated eastern German city of Leipzig, also took Chancellor Helmut Kohl off the hook on the issue of high German interest rates in advance of next week's summit meeting in Tokyo of the seven leading industrial nations.
BUSINESS
May 14, 1993
Sears sells residential bankSears, Roebuck & Co. announced the sale of its Coldwell Banker Residential Group in a leveraged buyout by senior management and the Fremont Group, a private investment company. Neither Sears nor Fremont would comment on the purchase price. But Fremont's managing director said the transaction was one of the largest management buyouts this year.The Fremont Group, which is based in San Francisco and manages assets of $3.5 billion worldwide, was formed in 1986 in a spinoff from the Bechtel Group.
BUSINESS
By New York Times News Service | April 23, 1993
BONN, Germany -- Answering calls from France and elsewhere to stimulate the sagging European economy, the German central bank again lowered two of its key interest rates yesterday amid signs that Germany's recession had worsened substantially in recent months.Symbolically at least, the Bundesbank's rate cuts, the second round in about a month, amounted to a German gesture of economic solidarity with France, its most important European partner, whose new government has been reducing its own interest rates and calling for the Bundesbank to cut its rates further.
NEWS
By Carl Schoettler and Carl Schoettler,Berlin Bureau | September 18, 1992
BERLIN -- Germany sat in the eye of the storm today, influencing events by doing nothing, riding out the European monetary crisis on the strongest currency in Europe and perhaps the world: the redoubtable Deutschmark.The Deutschmark chugged on to record highs while lesser monetary vessels -- from the once-majestic British pound to the Italian lira -- foundered all around it.The Deutsche Bundesbank, the German equivalent of the Federal Reserve, met for its regular weekly meeting yesterday and announced serenely that there would be no change in interest rates in Germany.
BUSINESS
By Bloomberg Business News | May 26, 1994
LONDON -- Stocks and bonds tumbled across Europe yesterday amid growing concern that the long slide in interest rates is over even as some countries are struggling to get their economies moving again.In Germany, the Bundesbank was persuaded to cancel a regularly scheduled sale of government bonds after yields climbed 10 basis points to 6.80 percent, their highest level in almost a year."The Bundesbank just ran into a buyer's strike at these rates, and that's very worrying for the bond market," said Jouni Kokko, economist at S. G. Warburg.
BUSINESS
By Bloomberg Business News | March 24, 1993
NEW YORK -- The dollar finished mixed against mos currencies yesterday but weakened against the mark amid concern about high German money-market rates.The dollar fell to 1.63 marks,from 1.639 late Monday. The dollar strengthened to 116 yen as of 4:45 p.m. EST, from 115.77 Monday.The dollar hit a new low of 115.08 yen in London amid expectations that Japan's government will spend huge sums to stimulate its slumping economy.The dollar weakened against the mark after the German central bank, the Bundesbank, in preparing for its purchases and sales of German money-market securities, signaled that it is nervous about lowering German interest rates.
BUSINESS
By Carl Schoettler and Carl Schoettler,Berlin Bureau | March 19, 1993
BERLIN -- Germany's central bank cut its discount rate half a point yesterday, to 7.5 percent, responding to European complaints that the bank has inhibited economic growth at a time when stimulation is needed.In a terse statement after its morning meeting yesterday, the Bundesbank said the move "continued its policy of step-by-step lowering of the interest rates."In November and February, the bank eased its discount and Lombard rates, the rates banks pay in borrowing money from the central bank.
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