News Jack Lew’s previous squiggle of a signature, above, and the new one, below

When US President Barack Obama nominated Jack Lew as the new Secretary of the US Treasury in January, the media had one overwhelming concern about the appointment: Lew’s illegible signature, which resembles the doodle of an absent-minded child, would now appear on every US banknote.

American bid to avert global currency war rejected at G20

A bold American plan to redress "global imbalances" in international trade and limit the surpluses that can be run by nations such as China was yesterday rejected out of hand.

King launches attack on 'ruinous' currency wars

Mervyn King, the Governor of the Bank of England, last night issued a thinly veiled attack on the leading protagonists in the global battle over currency valuations, warning that the row could lead to "every country [suffering] ruinous consequences".

Hamish McRae: Will messy skirmishes in currency manipulation lead to all-out war?

Economic Life: Is the UK policy of quantitative easing aiming to make it easier for companies to borrow money, or is it trying to weaken sterling?

Business Diary: Lib Dem VIPs head for Jurys

Much glee at the hotel group Jurys, which is enjoying playing host to the Liberal Democrats, including leader Nick Clegg and his deputy, Simon Hughes, at its Liverpool Jurys Inn – it reckons this is the first time a major political party has stayed at a three-star hotel for its annual conference. Mr Clegg, of course, did not have to endure such trying conditions for too long. He left the shindig early yesterday for a United Nations meeting in New York. One imagines he won't be staying in a Manhattan youth hostel.

Geithner pledges to press China on currency

US Treasury Secretary Timothy Geithner yesterday promised to continue pressing China on foreign exchange as the increasingly fraught global row over the value of national currencies intensified.

US anger mounts over Chinese exchange rate

US lawmakers tore into China for what they said was the country's manipulation of its currency, which they said has been kept artificially low against the dollar to boost its manufacturing sector at the expense of American jobs.

Can assessments in Europe repeat the success of those in America?

Europe's chancelleries are clearly hoping that the stress test will result in the same cathartic effect on markets as their US equivalents did in May last year. The turbulence that sparked European banking supervisors into action is worrying everyone.

The Business On... Jamie Dimon, Chief executive, JP Morgan Chase

Not another Wall Street fat cat?

Osborne's first G20 'unlikely to see progress' on global bank levy

British officials are downplaying the chances of major breakthroughs on banking reform at the G20 summit beginning today in the South Korean city of Busan, which will be Chancellor George Osborne's first major outing on the international stage.

George Osborne welcomes Europe-wide banks levy

Chancellor George Osborne welcomed plans for a Europe-wide tax on banks today but insisted the proceeds should not be ring-fenced to deal with future failures.

Fuld criticises Lehman's investigators 'distortions'

The former head of Lehman Brothers has hit out at the investigator who accused the bank of masking debts with an accounting trick, saying he had "distorted the facts" and Lehman's employees had been "unfairly vilified".

Geithner under fire over Lehman

Timothy Geithner was yesterday forced to defend the Federal Reserve, after congressmen turned fire on its failure to prevent the collapse of Lehman Brothers in 2008, and said the regulator's tools had been "insufficient". US Treasury Secretary Mr Geithner, who was the president of the Fed during the crisis told the House Committee on Financial Services: "With the limited powers that we had, we worked diligently to avoid an outcome that would destabilise the financial system and damage the broader economy." This followed an attack from Spencer Bachus, the ranking Republican member of the panel, who said the Federal Reserve had either been "incompetent or they concealed facts". He continued: "At best, regulators failed to catch the accounting manipulation that permitted Lehman to give a misleading picture of its financial health."

China's economy marches on

The world's most populous country enjoyed growth of 11.9 per cent last year

US-China trade war over yuan edges closer

China bluntly rejects US calls to revalue currency
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