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(Bloomberg) — The euro region’s smallest nations staged an uprising to put one of their own in charge of finance ministers’ meetings and strike a blow against the bloc’s major powers.
Ireland’s Paschal Donohoe won a secret ballot of 19 colleagues Thursday to become president of the Eurogroup, defeating the Spanish favorite, Nadia Calvino, who was backed by the European Union’s four biggest economies.
Germany, France, Italy and particularly Spain were angered by a loss that they failed to see coming, said one official with knowledge of the process. Smaller countries from eastern Europe said they felt that in backing Donohoe they were supporting one of their own, said another.
The fact that both leading candidates came from countries that were bailed out during the sovereign debt crisis is a sign that the EU is ready to turn the page on the divisions of the austerity years. Yet the small
(Bloomberg) — China’s central bank has sold at least some of its stake in India’s Housing Development Finance Corp., according to shareholder details filed with the exchanges.
The People’s Bank of China has dropped off the list of investors holding at least a 1% stake in the company as of end-June. The PBOC held about 17.5 million shares, accounting for a 1.01% shares, at end-March. It cannot be ascertained if the Chinese central bank continues to holds any stake in the mortgage lender or not.
The PBOC may have sold at least a part of its shares in the open market, Hindu Business Line newspaper reported earlier, citing market sources. HDFC shares fell as much as 2.2% in Mumbai in early trading Friday. The stock dropped 40% from its January record high to its April low but has since rebounded 27%.
PBOC had increased its stake in India’s largest shadow
(Bloomberg) — Japan’s financial regulator is running out of patience with regional banks that are struggling to adapt to an increasingly grim business environment.
The Financial Services Agency has targeted some local lenders for “intensive dialogue,” which could lead to regulatory action if they fail to convince it of their viability, Commissioner Toshihide Endo said. He hinted at the need for management changes at banks that don’t change their strategies.
“There has been no innovation,” Endo, 61, said in an interview in Tokyo. The old practice of making money by simply taking deposits and lending them out at a higher rate “has been completely shattered. Banks should be thinking about a business model to survive. But are they?”
The discussions reflect the FSA’s growing frustration with regional banks whose profitability has long been eroding due to rock-bottom interest rates and stagnating local economies. Now concerns are mounting that some are