FRANKFURT Authentic Cameron Wake Jersey , June 5 (Xinhua) -- The European Central Bank (ECB) on Thursday announced that interest rates of the main refinancing operation, marginal lending facility and deposit facility will be cut to 0.15 percent, 0.4 percent and -0.1 percent respectively.

Addressing a press conference following the governing council meeting, the ECB president Mario Draghi said the rate cut was among "a combination of measures to provide additional monetary policy accommodation and to support lending to the real economy".

The measures also include targeted longer-term refinancing operations, preparatory work related to outright purchases of asset-backed securities and a prolongation of fixed rate, full allotment tender procedures and suspension of the weekly fine-tuning operation sterilizing the liquidity injected under the Securities Markets Program.

The reductions of interest rates will come into effect on June 11 Authentic Reshad Jones Jersey , 2014 and the negative rate will also apply to reserve holdings in excess of the minimum reserve requirements and certain other deposits held with the Eurosystem.

For a clear purpose of support bank lending, the ECB put the targeted longer-term refinancing operations (TLTRO) on the table. Draghi explained that counterparties will be entitled to borrow, initially, 7 percent of the total amount of their loans to the euro area non-financial private sector, excluding loans to households for house purchase, outstanding on 30 April 2014.

Two successive TLTROs will be conducted in September and December 2014. In addition Authentic Minkah Fitzpatrick Jersey , from March 2015 to June 2016, all counterparties will be able to borrow, quarterly, up to three times the amount of their net lending to the euro area non-financial private sector, excluding loans to households for house purchase, over a specific period in excess of a specified benchmark.

All TLTROs will mature in September 2018 in around four years. "The cost is low Dan Marino Jersey ," said Draghi.

The ECB decided to extend the existing eligibility of additional assets as collateral, notably under the additional credit claims framework, at least until September 2018. The ECB also pledged to intensify preparatory work related to outright purchases in the Asset Backed Securities (ABS) market. The Eurosystem will consider purchasing simple and transparent asset-backed securities with underlying assets consisting of claims against the euro area non-financial private sector, taking into account the desirable changes in the regulatory environment, and will work with other relevant institutions to that effect, said Draghi.

The central bank will continue conducting the Main refinancing operations as fixed rate tender procedures with full allotment for as long as necessary Jordan Phillips Jersey , and at least until the end of the reserve maintenance period ending in December 2016.

In another development, the ECB has decided to suspend the weekly fine-tuning operation sterilizing the liquidity injected under the Securities Markets Program.

The decision of the ECB came at a time when inflation in the euro area in May, according to the Eurostat, is expected to be as low as 0.5 percent.

Draghi warned against the risk of prolonged period of low inflation in the euro area. "Together, the measures will contribute to a return of inflation rates to levels closer to 2 percent."

With regard to economic growth, the Real Gross Domestic Product in the euro area rose by 0.2 percent DeVante Parker Jersey , quarter on quarter, in the first quarter of this year. "This confirmed the ongoing gradual recovery, while the outcome was somewhat weaker than expected."

According the ECB's projection, the aggregate euro area general government deficit will decline gradually from 3.0 percent of GDP in 2013 to 2.5 percent of GDP in 2014. For 2015 and 2016, a further decline to 2.3 percent and 1.9 percent, respectively Cordrea Tankersley Jersey , is projected. General government debt is projected to peak at 93.4 percent of GDP this year. Thereafter, it is projected to decline, reaching around 91 percent in 2016.
Guo Zhenxi, director of the state-owned TV network's finance and economics channel CCTV2
Corruption may have infected the state broadcaster simply because there's no firewall between advertising and content

BEIJING (Caixin Online) —The blurry boundary that separates advertising offices and content production at China's powerful broadcaster CCTV may have encouraged racketeering by a group of top executives.

The racket of undisclosed proportions is now at the center of an anti-corruption investigation targeting several executives including Guo Zhenxi, director of the state-owned TV network's finance and economics channel CCTV2, and Tan Liwu Charles Harris Jersey , one of the channel's producers.

Caixin learned from sources that Guo was detained May 31 in Jilin Province on orders from a local prosecutor. He's being held on corruption charges, the official Xinhua News Agency reported June 1, without elaborating.

In addition, sources told Caixin, authorities have detained four other CCTV2 employees including Tan, financial director-producer Wang Shijie Kalen Ballage Jersey , another producer and a program host.

The fall of Guo, the highest-ranking executive in the group eyed by investigators, has been particularly dramatic. He's well-known in the industry for innovative and successful advertising strategies that, for example, helped the broadcaster double ad revenues between 2004 and '08.

Guo was last seen in public May 12 when he led a news camera crew to the offices of Baidu's online video service iQiyi. The purpose of the visit was research and exchange.

Any CCTV executive can easily take advantage of the vague business boundaries separating advertising and content operations, said Huang Shengmin Durham Smythe Jersey , an advertising professor at Communication University of China in Beijing.

Indeed, unless a media outlet separates departments with institutional firewalls, Huang said, any advertisin
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