The euro region has taken several steps to centralise banking regulation and supervision, but there is little sign that lenders are interested in seeking to merge beyond national borders. Two recent deals — one has been proposed in Spain, the other occurred in Italy — show that, for all the good intentions, Europe’s “banking union” remains incomplete. The European Central ...

There was no puff of white smoke, but Japan has a new Prime Minister. Yoshihide Suga, who was Chief Cabinet Secretary under Prime Minster Shinzo Abe, won an overwhelming victory in an internal contest within the long-dominant Liberal Democratic Party. Widely considered to have been one of the chief architects of Abenomics, Suga is likely to keep the government’s focus ...

Bloomberg Deutsche Lufthansa AG is preparing for more drastic cutbacks in its global workforce and airline fleet than it previously planned, after a hoped-for recovery of air traffic fizzled out. Recent rules that forced travellers into quarantine have had a catastrophic effect on bookings, Chief Executive Officer Carsten Spohr told staff at a meeting, according to people in attendance. For ...