Russia’s Central Bank says it has filed a lawsuit in Moscow’s Arbitration Court against Euroclear, the Brussels-based clearing house that holds a large share of Russia’s immobilized assets in Europe. The bank said it is seeking compensation for damages linked to restrictions that prevent it from managing or disposing of assets held through Euroclear. Euroclear declined to comment, and it…
In a move that could dramatically reshape federal consumer protection oversight, the U.S. Senate parliamentarian has ruled that a Republican proposal to slash the Consumer Financial Protection Bureau (CFPB)’s budget can be included in a broader spending package under special budget rules. The decision, disclosed by several lawmakers on June 27, enables the measure to pass with a simple majority…
Spain’s finance ministry has approved BBVA’s €14 billion hostile takeover of Sabadell, but only on condition that the two banks remain completely separate for at least three years, possibly extending to five. The decree mandates distinct legal identities, management teams, balance sheets, payrolls, credit policies, and branch networks. Any branch closures or staff reductions are explicitly forbidden . While Spain cannot block…
Warburg Pincus, the U.S. private-equity heavyweight, is exploring the sale of its ~10% holding in SBI General Insurance, one of India’s fastest-growing non-life insurers. Bloomberg News reports that talks are under way with two potential buyers: Premji Invest, the family office of tech philanthropist Azim Premji, and State Bank of India (SBI), which already owns about 70% of the insurer.…
Rate Cut Marks Sixth Straight Easing Move The Swiss National Bank (SNB) lowered its policy rate by 25 basis points to 0% on Thursday, delivering its sixth consecutive reduction since March 2024. Chairman Martin Schlegel told reporters the decision had been widely anticipated after May consumer prices slipped 0.1% year-on-year, the first negative reading in four years. The move places…
The European Commission has handed Greece its largest agriculture-related sanction to date, ordering Athens to pay €392.2 million (about US$451.9 million) after auditors uncovered years of systemic mismanagement in the country’s farm-subsidy programme. The decision follows an in-depth probe of the Greek payment agency OPEKEPE, which distributes EU Common Agricultural Policy (CAP) funds. Investigators concluded that supervisory controls between 2016…
Fast-fashion powerhouse Shein has pivoted its stock-market debut to Hong Kong after regulators in Beijing withheld approval for a planned London listing. The Singapore-headquartered retailer, valued privately at about US-$60 billion, hopes the move will unlock a broader pool of Asian capital while sidestepping the turbulence it encountered in Western venues. Before looking to London, Shein had flirted with Wall…
