Barclays says D.E. Shaw owes it $15 mln

Barclays Capital Real Estate sought a summary judgment against hedge fund D.E. Shaw, saying it was owed $15 million stemming from a loan default, according to court documents seen on Friday. Barclays said it made a $212.32 million mortgage loan to Westland Development Co in December 2006, on which the defendants, named as D.E. Shaw Composite Fund and D.E. Shaw Real Estate Holdings, guaranteed payments. It said the defendants’ obligations under a payment guaranty was limited to $15 million, according to the documents filed on Thursday. Barclays said the loan matured on July 9, 2009, and that the borrower failed to pay the $182.7 million in principal and interest that was owed at the time, causing a default. D.E. Shaw was not immediately available for comment. [Read the full article]

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China’s central bank pledged on Saturday to keep the yuan’s exchange rate basically stable in 2010 and said it will enhance coordination with its foreign counterparts on major policy issues. The People’s Bank of China will continue to push forward multi-polarisation of the international money system, according to a statement issued ahead of a news conference on the sidelines of the annual session of parliament. The central bank said it would keep sufficient liquidity in the banking system and further encourage domestic banks to issue yuan bonds in Hong Kong. (Reporting by Zhou Xin and Benjamin Kang Lim; Editing by Alan Wheatley) ATHENS (Reuters) – Greeks are divided over the government’s increasingly harsh austerity measures, polls showed Saturday, a day after thousands marched in Athens to protest against steps to rein in the country’s swollen budget deficit. [Read the full article]

The People’s Bank of China will continue to push forward multi-polarization of the international money system, according to a statement issued ahead of a news conference on the sidelines of the annual session of parliament.

The central bank said it would keep sufficient liquidity in the banking system and further encourage domestic banks to issue yuan bonds in Hong Kong.[Read the full article]

China’s central bank pledged on Saturday to keep the yuan’s exchange rate basically stable in 2010 and said it would be flexible in implementing its fairly loose pro-growth monetary policy. The People’s Bank of China has already ordered banks twice this year to increase the proportion of deposits they must hold in reserve, rather than lend out, in order to gently slow the red-hot economy and nip inflation in the bud. But, unlike Australia or Malaysia, the central bank has yet to increase interest rates, leaving investors anxious for clues as to how rapidly it might withdraw the extraordinary monetary stimulus it has provided since late 2008 to prop up the world’s third-largest economy. “In order to be consistent with the relatively easy stance, the policies will be better targeted and more flexible,” the PBOC said in a statement issued ahead of a news conference on the sidelines of the annual session of parliament. [Read the full article]

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