Headlines

The financial world has pretty much moved on since Cyprus was briefly the epicenter of market anxiety. Two years ago this month, the country's banks failed en masse, A.T.M.s were rationing cash, and the integrity of the eurozone hung in the balance, the International New York Times reported. But after a contentious, internationally brokered “bail-in,’’ in which for the first time many bank depositors were forced to help pay for a eurozone rescue, Europe’s policy makers soon found other things to focus on.

South Korean bulker operator Daebo International Shipping has filed for bankruptcy protection in the Southern District of New York, TradeWinds News reported. The Chapter 15 petition follows an application to commence rehabilitation proceedings in the Seoul Central District Court, which was submitted on 11 February 2015. Since then, at least five creditors have filed lawsuits against Daebo and its affiliates in the US, which is why observers say they aren't surprised by today’s revelation.

The most senior bankers running the UK operations of non-European banks are being brought under a tough new accountability regime but have been spared the ultimate penalty of jail time, the UK’s financial regulator said on Monday. The Prudential Regulation Authority announced details of how senior executives of banks outside the European Economic Area would be captured by their Approved Persons’ Regime, which was unveiled on February 23 and comes into force in March 2016, the Financial Times reported.

Germany's deposit protection fund is planning to take over the property lender Duesseldorfer Hypothekenbank AG (DuesselHyp), which has run into problems due to its exposure to Austrian lender Hypo Alpe Adria's "bad bank" Heta, Reuters reported. The German banking association BdB, which runs the fund, is, however, not planning to wind down the bank, but wants to continue its operations. "The deposit protection fund is granting a guarantee for the Heta bonds to eliminate the immediate risks. The goal is a complete takeover of Duesseldorfer Hypothekenbank," the BdB said in a statement on Sunday.

Just four months after assuming its new powers, the ECB faces an acute test of its credibility in the shape of the latest Greek crisis, The Wall Street Journal reported. The success of the banking union hinges on the ECB convincing markets that it offers a decisive break with a European past in which national authorities were seen as too susceptible to political pressure, too willing to overlook weak bank balance sheets to shield government balance sheets.

Ukraine has warned debtholders including Russia that they should prepare to lose money as the war-ravaged country seeks to stave off a default, the Financial Times reported. Natalie Jaresko, Ukraine’s finance minister, made the comments to investors as Kiev seeks to restructure its government debt following a $17.5bn loan agreement with the International Monetary Fund. Ms Jaresko said the country’s debt operation, which targets more than $15bn of debt, “will probably involve a combination of maturity extensions, coupon reductions and principal reductions”.

Mexico kicked off the opening of its oil industry to great fanfare. At a packed event at the Technology Museum here seven months ago, maps flashed on a giant screen showing dozens of oil fields that would be put up for bid to private companies for the first time in more than 75 years, the International New York Times reported. With oil fetching around $100 a barrel at the time, the projections were ambitious. Over the next four years, Mexico would attract more than $12 billion in investment a year. By 2018, private companies would be pumping half a million new barrels of oil a day.

China is signaling more measures are in the works to regain economic momentum and overcome weak demand from businesses and consumers, The Wall Street Journal reported. Policies unveiled at the annual session of China’s legislature this month called for maintaining a moderately high rate of growth—7%—and outlined further deficit spending to support the goal.

Hundreds of thousands of protesters took to the streets in cities across Brazil on Sunday to express their ire at President Dilma Rousseff, raising pressure on her as she grapples with an onslaught of challenges including an economy mired in stagnation, a sweeping bribery scandal and a revolt by some of the most powerful figures in her governing coalition, the International New York Times reported. The protests, organized to coincide with commemorations of the re-establishment of democracy 30 years ago after a long military dictatorship, reflect rising disenchantment with Ms.

India's largest bank will hold a record online auction this weekend to sell repossessed flats, warehouses and offices worth a total of nearly $200 million as the state lender seeks to chip away at its $10 billion mountain of bad debt, Reuters reported. The State Bank of India auction will be the biggest nationwide online sale to date and is a rare public move to turn distressed loans into ready cash.