The proposal by Scottish nationalists to retain the pound should they win independence would be the only practical option for the new country, currency traders say, even as the plan is rejected by the government in London.
Scotland’s nationalist government aims to establish an independent state by March 2016, breaking away from the 306-year-old United Kingdom and keeping the pound as its currency, according to the blueprint it published today.
Norway’s central bank Governor Oeystein Olsen said it would be natural for the nation’s $800 billion sovereign wealth fund to expand the asset classes it invests in as the new government considers how best to deal with the fund’s growth.
The U.K. reached a draft deal with its European Union partners to lift its objections to turning the European Central Bank into a supervisor, according to two EU officials, in a move that paves the way for the end of over a year of negotiations on the proposals.
Shanghai, which inaugurated a free trade zone last month and is targeting to become a global financial center, is studying whether to impose a traffic congestion charge as part of a broader plan to fight pollution.
Boeing Co. is open to South Korea buying a mix of its F-15 Silent Eagle fighter jets and F-35 models made by Lockheed Martin Corp. when the country opens a second round of bidding, a senior company official said.
China, Switzerland, Germany and Japan are among nations close to reaching arrangements with U.S. regulators to ease the dismantling of failed banks, said Federal Deposit Insurance Corp. Chairman Martin J. Gruenberg.
The biggest problem with the recently disclosed Obama administration white paper defending the drone killing of radical clerk Anwar al-Awlaki isn’t its secrecy or its creative redefinition of the words “imminent threat.” It is the revolutionary and shocking transformation of the meaning of due process.
Huawei Technologies Co., China’s largest phone-network equipment maker, said it may take a decade to resolve the cybersecurity concerns that restrict its access to the U.S. because the company is held to a “higher bar.”