European nations, alarmed by Iran’s capture of a British oil tanker, are mounting a response to protect their commercial shipping in the Strait of Hormuz and Persian Gulf. The Royal Navy has started to escort British ships, and a plan for a European naval mission has been endorsed by Denmark, France and Italy. It’s a promising start. But effectively curbing ...

Having reportedly agreed on a short list of candidates to replace Christine Lagarde as managing director of International Monetary Fund, European governments are set to announce their nominee by the end of this week. What they should be doing instead is support merit-based nomination of candidates from both inside and outside Europe, as well as a better due diligence process. ...

The slowdown that began among India’s shadow banks is spreading. Sectors that had come to depend on credit from what in India are called non-banking financial companies (NBFCs) are posting awful numbers. Insurance is slowing and real estate is troubled. The automobile sector — which contributes half of India’s manufacturing output — is shrinking as stressed shadow banks prioritise survival ...