| Bank Of Israel Gov:New IMF Surveillance Policy's Focus Too Narrow
WASHINGTON -(Dow Jones)- Bank of Israel Governor Stanley Fischer, who was formerly deputy managing director of the International Monetary Fund, criticized the IMF's new surveillance policy Thursday for focusing too much on currencies. Fischer said at an IMF conference that the new policy "appears to be a too narrow focus on exchange rate policies rather than overall economic policies." Noting that a large current account deficit like that of the U.S. led to an overvalued dollar, Fischer said IMF policy should take into account other factors beyond just currency policy, such as a government's fiscal policy. "The failure to use fiscal policy to deal with an unsustainable current account deficit would be as deserving of staff and board censure as would policies such as sustained intervention to manipulate the exchange rate to increase net exports," Fischer, who was deputy managing director from 1994 to 2001.
UK Police Hunt for Web Bank Heist Gang The Times
Nov 01 2007 : Police in the UK are looking for a gang of Internet robbers who took over the bank accounts of at least 10 people and stole hundreds of thousands of pounds from their accounts. Officers from the UK�s Dedicated Cheque and Plastic Crime Unit (DCPCU) told the Times that there may be many more victims. In a process known as social engineering, the thieves were able to obtain personal information about their victims using the Web, telephone calls, the post and actual impersonation of the victims. The criminals then used the information to trick banks into issuing new debit and credit cards in the name of their victims. These cards were used to buy jewelry, electronic goods and to withdraw Euros. Fraud experts refer to this type of financial crime as �account takeover.
Three on trial for bid to collect $108bn in cheques
HONG KONG: Two Singaporean men and a Chinese man accused of trying to cash bogus cheques for $108bn have gone on trial in a Hong Kong court, a news report said yesterday.
The men produced the cheques dated 1948 at the DBS Bank in Hong Kong in April, claiming they had been entrusted to draw the money from an aunt�s account, the South China Morning Post reported.
The scam fell apart when staff at the DBS, previously named the Overseas Trust Bank, told the men that their bank had not even been founded at the time the cheques were allegedly written.
Singaporeans Eddie Woon Kwok Jin, 53, and Lin Ban Hoong, 62, and mainland Chinese man Ma Ping, 32, denied charges of forgery at a hearing Friday in District Court. The case resumes today.�DPA
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ECB Liebscher: Medium-Term Inflation Outlook Has Upside Risks
VIENNA (Dow Jones)--European Central Bank Governing Council member Klaus Liebscher Monday said inflationary risks in the euro zone are on the upside in the medium term, and noted that excessive exchange rate volatility and global budget imbalances threaten stable global growth. "The outlook for price stability over the medium term is subject to upside risks as increased oil, commodity and food prices as well as the favorable labor market situation are likely to make higher wage settlements possible," he said at conference. Liebscher said the ECB is including the current exchange rate volatility as a parameter in its efforts to maintain price stability, although the bank has no set exchange rate target. "Excessive exchange rate volatility is not welcome," he said. He urged all major economies to keep account imbalances in check to ensure global financial stability and prevent strong exchange rate fluctuations.
Newark levy expected to lose
NEWARK � Though the Newark school levy�s vote is still too close to call, it appears the district�s bid for a new property tax will fail. With 39 out of 40 precincts in, nearly 52 percent of voters were against the tax, with just over 48 percent in favor of it. Absentee ballots have not yet been counted. .
Country seeks greater say in IMF
China should be actively involved in working toward the International Monetary Fund's (IMF) quota and voice reform, which could shape its members' positions in the global economy, experts said.
However, experts also said the country should act cautiously and avoid appearing "too aggressive" in demanding its own quota increase.
The IMF declared during last month's annual meeting that all the elements for an internal reform package, including increased quotas, should be in place by its next annual meeting in April 2008.
The Washington-based multilateral financial institution said it plans to increase its total quota by about 10 percent next year and at least a double basic votes to protect low-income countries.
Under the current regime, the distribution of quotas is determined according to complex mathematical formulas.
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